Amazon sales hit $134.4 billion, up 11%, for the second quarter of 2023, as the ecommerce giant topped Wall Street estimates in a big earnings beat.
The company reported income of $6.7 billion in the second quarter, or 65 cents per share, compared with a net loss of $2.0 billion in the year-ago quarter. Analysts on average had projected Q2 revenue of $131.54 billion and earnings per share of 34 cents, according to Zacks Investment Research.
Sales in Amazon’s AWS cloud-computing business grew 12% year-over-year to $22.1 billion — while advertising revenue in Q2 jumped 22% to $10.68 billion (compared with analyst expectations of $10.4 billion, per StreetAccount).
For the third quarter, Amazon expects revenue to be $138 billion-$143 billion, or to grow between 9% and 13% compared with Q3 2022. Operating income is expected to be between $5.5 billion and $8.5 billion, compared with $2.5 billion in the year-earlier period.
Amazon CEO Andy Jassy, in announcing the results, said the company is “continuing to see strong demand for our advertising services as the team keeps innovating for brands, including the ramp up for ‘Thursday Night Football’ [on Prime Video] with the ability for advertisers to tailor their spots by audience and create interactive experiences for consumers.”
More to come.