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Amazon Earnings: AMZN Stock Jumps 5% on Strong Q2 Performance


Amazon (NASDAQ:AMZN) earnings for the e-commerce giant’s second quarter of 2020 have AMZN stock heading higher after markets closed on Thursday. That’s thanks to its diluted earnings per share of $10.30, which is well over Wall Street’s estimate of $1.46. Its revenue of $88.91 billion also easily beats analysts’ estimate of $81.53 billion.

Amazon (AMZN) logistics center in Szczecin, Poland.

Source: Mike Mareen / Shutterstock.com

Let’s take a deeper dive into the most recent Amazon earnings report below.

  • Diluted per-share earnings are up 97.3% from $5.22 during the same period of the year prior.
  • Revenue for the quarter comes in 40% higher than the $63.4 billion reported in the second quarter of 2019.
  • Operating income of $5.84 billion is an 89.6% increase year-over-year from $3.08 billion.
  • The Amazon earnings report also has net income coming in at $5.24 billion.
  • That’s a 99.2% jump from its net income of $2.63 billion from the same time last year.

Jeff Bezos, founder and CEO of Amazon, said this about the earnings results.

“We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full-time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales.”

Amazon provides guidance for the third quarter of 2020 in its earnings report. It expects revenue to come in between $87 billion and $93 billion. That looks good next to Wall Street’s Q3 revenue estimate of $86.29 billion.

AMZN stock was up 4.5% after-hours Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/amazon-earnings-push-amzn-stock-up/.

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