Amazon tops Street 2Q forecasts

AP News
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Posted: Jul 28, 2016 4:12 PM
Amazon tops Street 2Q forecasts

SEATTLE (AP) — Amazon.com Inc. (AMZN) on Thursday reported second-quarter profit of $857 million.

The Seattle-based company said it had profit of $1.78 per share.

The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.

The online retailer posted revenue of $30.4 billion in the period, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected $29.73 billion.

For the current quarter ending in October, Amazon said it expects revenue in the range of $31 billion to $33.5 billion. Analysts surveyed by Zacks had expected revenue of $31.62 billion.

Amazon shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 6 percent. In the final minutes of trading on Thursday, shares hit $752.49, a climb of 43 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMZN at http://www.zacks.com/ap/AMZN

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Keywords: Amazon, Earnings Report, Priority Earnings