Amazon Stock Soars 14% on Strong Q2 Results Driven by Cloud Services Growth

Amazon's stock price surged 14% in July as the company reported strong second-quarter results. The tech giant's cloud services business, Amazon Web Services (AWS), saw a 37% increase in sales to $42.2 billion, driven by robust demand for AI capabilities.

Quarterly revenue reached $200.6 billion, beating Wall Street's consensus estimate of about $196.8 billion. Net income was $62.6 billion, or $5.75 per share, up 242% from the year-ago period.

AWS' operating income jumped a whopping 63%, with CEO Andy Jassy attributing the growth to strong demand for AI and Chips businesses.