Stocks
Amazon Stock Soars on Strong Q2 Results and Record AWS Growth
In July, Amazon's stock price surged by 14% as the company reported strong second-quarter results. Robust demand for AI capabilities drove powerful quarterly results in Amazon Web Services (AWS), the company's cloud computing services business.
AWS saw its sales increase by 37% to $42.2 billion, with operating income rising a whopping 63%. This growth was attributed to strong demand for AI capabilities, which CEO Andy Jassy described as 'booming' and growing at a rate of 36.7% year-over-year in Q2.
The company's quarterly revenue reached $200.6 billion, beating Wall Street's consensus estimate by about $3.8 billion. Net income was $62.6 billion, or $5.75 per share, up 242% from the previous year.