Saturday, 20 July, 2019

Amazon posts record $2.5 billion profit as cloud sales growth continues

Amazon posts record $2.5 billion profit as cloud sales growth continues Amazon posts record $2.5 billion profit as cloud sales growth continues
Sandy Mccarthy | 27 July, 2018, 08:56

Amazon.com on Thursday reported a second-quarter profit of US$2.5 billion, more than double the forecasts of analysts, on strong cloud computing and advertising operations.

The online retailer posted revenue of $52.8 billion in the period, less than the $53.4 billion expected by analysts surveyed by Zacks Investment Research.

Amazon's quarterly profit soared past $2 billion for the first time, bolstered by continued growth in its online shopping, cloud computing and advertising businesses.

According to the research firm eMarketer, Amazon's e-commerce revenue will grow more than 28 per cent this year to reach US$394 billion, and will account for 49 per cent of United States online retail sales and almost five percent of all retail spending.

Amazon reported revenue of $2.2 billion for that category in the second quarter, up 129 percent year-over-year. On an adjusted basis, the company brought in earnings of $5.07 per share, topping the $2.50 per share that analysts were calling for, according to a projection by data compiled by Thomson Reuters.

This marks the 13th consecutive quarter of profits for Amazon, which didn't turn a profit for years as it reinvested in its business. But any disappointment was tempered by the profit result, which was an astounding 1,286% increase from the second quarter of 2017.

Meghan Markle KISSES Prince Harry at polo in Windsor
Hosted by Prince Harry , the sporting event is created to help raise funds for children in Africa living with HIV and Aids. Meghan cheered Harry who participated in the game, playing on the Sentebale St.

About half of the company's quarterly revenue came from its flagship e-commerce business, which delivered $27.2 billion in the second quarter.

At the close of trade on Thursday, Amazon's market value was some US$877 billion, roughly equal with Google parent Alphabet and trailing Apple at US$955 billion.

RJ Hottovy, an equity analyst at Morningstar Inc., said Amazon profit also got a boost from more sales by independent merchants on its site, where the company gets commissions without the cost of buying inventory.

We'll have to wait and see what the company says at the earnings call later today.

Rising third-party sales are also helping increase profits, he said. Since taking over Whole Foods, Amazon has lowered prices and expanded same-day delivery in a bid to attract more shoppers to the grocery chain. Earlier this week, he lashed out again against Amazon on Twitter, saying that "many feel" there may be antitrust concerns related to the company. While Amazon did not disclose new stats for the quarter, more than 100 million people pay for Amazon's subscription service, which includes two-day shipping and access to a growing slate of TV shows and movies.

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