Amazon (NASDAQ:AMZN) shares were edging higher as the company reported its latest quarterly earnings results, which were ahead in the earnings front but below Wall Street’s revenue estimates.
The e-commerce giant brought in net income of $2.5 billion, which was an increase of more than 600% thanks in part to the fact that the company’s cloud, advertising and other high-margin businesses have been on the rise. On an adjusted basis, the company brought in earnings of $5.07 per share, topping the $2.50 per share that analysts were calling for, according to a projection by data compiled by Thomson Reuters.
Amazon did miss revenue expectations as the company brought in sales of $52.9 billion for its second quarter of fiscal 2018, below the $53.41 billion that analysts polled by Thomson Reuters forecasted. The figure did increase about 39% compared to the year-ago quarter.
The AWS revenue did beat analysts expectations as the figure came in at $6 billion, ahead of the $4.1 billion from the year-ago quarter, per FactSet.
The online marketplace also posted its fiscal 2018 third-quarter guidance, which is below what Wall Street is guiding. Amazon sees its revenue for the period to be in the range of $54 billion to $57.5 billion, which is below what analysts are calling for in the range of $55.6 billion to $62.2 billion.
AMZN stock was up about 1.2% following the company’s latest quarterly earnings results. The company’s shares were down about 3% during regular trading hours on Thursday.
