Amazon jumps after the close as revenue, operating income beat
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Amazon.com (NASDAQ:AMZN) rose 7% in after-hours trading after reporting second quarter earnings.
The Seattle-based e-commerce giant reported total revenue in North America in Q2 of $82.55B vs. $79.68B consensus. Net sales increased 11% to $134.4B, compared with $121.2B in second quarter of 2022.
The cloud business was better than expected as AWS revenue came in at $22.14B vs. $21.74B consensus.
Net income was $6.7B, or $0.65 per diluted share, compared with a net loss of $2B, or $0.20 per diluted share, a year earlier.
Operating income was reported at $7.68B in comparison to the consensus mark of $4.717B and the company's guidance range of $2B to $5.5B. Operating margin was 5.7% of sales compared to estimates of 3.46%. 
Free cash flow improved to an inflow of $7.9B for the trailing 12 months, compared with an outflow of $23.5B for the trailing 12 months ended June 30, 2022.
âIt was another strong quarter of progress for Amazon,â said Andy Jassy, Amazon CEO. âWe continued lowering our cost to serve in our fulfillment network, while also providing Prime customers with the fastest delivery speeds weâve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment." 
Looking ahead, Amazon expects Q3 revenue of $138B to $143B vs. $138.29B consensus and operating income of $5.5B to $8.5B vs. $5.405B consensus.
The Amazon (AMZN) conference call is set for 5:30 p.m. ET.
Shares of Amazon (AMZN) gained 0.67% during the regular session.
Amazon is up 50% so far in 2023 and down 4% over the past 12 months.
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