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Amazon Posts Blowout Earnings, Bezos' Fortune Surges
Amazon's second-quarter financial results were met with enthusiasm from investors as the company reported revenue of $200.6 billion and adjusted earnings per share of $1.97, both exceeding Wall Street expectations.
The cloud segment, Amazon Web Services (AWS), led the charge with a 37% year-over-year revenue gain, its fastest growth rate in 18 quarters. AWS operating income surged 63% to $16.6 billion, accounting for 60% of Amazon's total.
AWS has a significant backlog of almost $500 billion and is showing no signs of slowing down, with capital expenditures set to reach $220 billion by 2026, up from the previous estimate of $200 billion.