Amazon thrived during the pandemic
Amazon took Wall Street by surprise yesterday when it posted its Q2 earnings report.
The company’s performance was driven by operating cash flow that increased 42% and reached $51.2 billion, compared to the $36 billion posted a year ago. Its net sales added 40% from last year's 63.4 billion. At the same time, the quarter profit came in at $5.2 billion, or $10.30 per share.
According to finance.yahoo.com, the revenue exceeded analysts’ expectation of $81.24 billion coming in at $88.9 billion. The EPS figures came in at $10.30, leaving far behind the $1.51 expected.
Amazon’s amazing results positively impacted the net worth of Jeff Bezos, the company’s CEO, by nearly $10 billion. The riches man on the planet now has a net worth of $189.5 billion.
Upon release, the company provided Q3 guidance: the net sales are expected to reach a high of $93 billion while operating income is expected to drop with a range of $2 billion - $5 billion.
According to analysts, the stock is said to outperform in the next 12 months.
In after-hours trading, the Amazon stock price gained more than 6%. In Q2, the stock went up more than 24%, and the company's market cap was pushed over $1.5 trillion. Since January, it added more than 63%.
See how companies performed in the second quarter on CAPEX.com!
Sources: marketwatch.com, finance.yahoo.com
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