Amazon Earnings Report Spurs 15.3% Stock Jump

Amazon's stock has underperformed the S&P 500 since Jeff Bezos stepped down as CEO in 2021. However, a recent breakout earnings report could be a turning point for the company.

The second quarter results showed Amazon's strongest growth in five years, with revenue jumping 20% to $167.7 billion. The cloud computing business, Amazon Web Services (AWS), reported a 37% increase in revenue to $42.2 billion, its fastest rate in 18 quarters.

AWS' strong performance was a key highlight of the report and helped reassure investors who were concerned about the company's plans to spend $220 billion in capital expenditures this year.