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Amazon Q2 profits driven by cloud growth
Amazon announced record-breaking financial results for the second quarter, with profits significantly surpassing analyst expectations. This was driven by strong growth in its cloud computing division, Amazon Web Services (AWS), which generated $42.2 billion in revenue—up 37% year-over-year—marking the fastest growth rate in 18 quarters. The company also reported total revenues of $200.61 billion, higher than market forecasts of $196.47 billion, and earnings per share of $5.75 compared to expectations of $1.82. Amazon projected that its revenues for the current quarter would range between $197 billion and $202 billion, slightly below analysts’ estimates of $204.1 billion, due to an earlier-than-expected Prime Day event. Nonetheless, the performance of its AI and semiconductor divisions, which each exceeded annual revenues of $25 billion, supports the company's growth prospects for the future.
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