Amazon reported its second quarter earnings, lifting the company\u2019s stock up by 7%, despite concerns about its cloud business’s future. Cost cutting in addition to surging online sales contributed remarkedly in the robust Q2 earnings.
The company reported a small but vital beat for revenue in its cloud business, Amazon Web Services, with sales coming in at $22.14 billion, compared to the $21.71 billion Wall Street was anticipating. Amazon’s third quarter revenue outlook was also a striking beat, coming in between $138 and $143 billion, ahead of the $138.3 billion expected.
Cloud results are top of mind for tech investors, as the sector is experiencing a slowdown and uncertain future. Amazon’s AWS has long been viewed as essential to its wider business. In Q1, Amazon guided to Q2 net sales of $127 billion to $133 billion.
Cloud has been a key battleground among tech giants, with Alphabet and Microsoft reporting earnings last week with mixed cloud results. Microsoft Azure experienced a decline in revenue growth, while Google Cloud turned profitable for the first time in Q1 with an income of $395 million, a stark contrast to the same quarter last year when it reported a $590 million loss.<\/p>\n","protected":false},"excerpt":{"rendered":"
Amazon reported its second quarter earnings, lifting the company\u2019s stock up by 7%, despite concerns about its cloud business’s future. Cost cutting in addition to surging online sales contributed remarkedly in the robust Q2 earnings.The company reported a small but vital beat for revenue in its cloud business, Amazon Web Services, with sales coming in …<\/p>\n","protected":false},"author":13,"featured_media":55058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6933,10435,7113,8109],"class_list":["post-87344","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-amazon","tag-cost-cutting","tag-earnings","tag-q2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=87344"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87344\/revisions"}],"predecessor-version":[{"id":87352,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87344\/revisions\/87352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/55058"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}