Amazon's quarterly profit tops $2 billion for first time

July 26, 2018 - 1:29 pm

NEW YORK (AP) — Amazon's quarterly profit soared past $2 billion for the first time, as revenue from online shopping and its cloud computing business grew.

The Seattle-based company reported net income of $2.53 billion, or $5.07 per share, for the three months ending June 30. That blew past the $2.48 per share Wall Street analysts expected, according to FactSet.

Revenue soared 39 percent to $52.89 billion in the second quarter, but was below the $53.37 billion analysts expected.

Shares of Amazon.com Inc. rose more than 2 percent to $1,851.50 in after-hours trading Thursday.

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