Amazon Profit Surges In Q2

It was another strong quarter for Amazon as the Internet giant continued on its profit streak, topping over $2 billion for the first time.

For the second quarter ended June 30, reported net income of $2.53 billion or $5.07 per diluted share, versus $197 million, or 40 cents per diluted share, in year-earlier period.

Amazon handily topped a consensus analyst estimate of $2.49 per diluted share published by MarketBeat, although revenues came in a little shy of expectations.

Net sales were $52.89 billion versus $37.96 billion in the year-prior quarter. Product sales were $31.86 million versus $24.75 million in the quarter a year before. Operating income was $2.98 billion as compared to $628 million in the year-previous quarter, Amazon noted.

In announcing the financial results, Amazon included recent business highlights including the assertion that its fourth annual Prime Day was the e-tailer’s biggest global shopping event ever. Amazon said signed up more people to its Prime membership program on Prime Day, which was held July 16, than it had on any other previous day in corporate history. Prime members purchased more than 100 million products, Amazon stated. Small and medium-sized businesses selling as part of Amazon marketplace exceeded $1.5 billion in sales during the Prime Day event.