Amazon’s Quarterly Earnings Beat Estimates

Amazon (NASDAQ:AMZN) has reported a blockbuster quarter.

The online retailer announced that it generated $88.9 billion in revenue during the second quarter, up 40% from the same period a year earlier and well above the $81.6 billion analysts had expected.

Amazon’s net income doubled during the quarter to $5.2 billion, despite the company investing more than $4 billion to help manage the coronavirus pandemic during the quarter.

"This was another highly unusual quarter, and I couldn't be more proud of and grateful to our employees around the globe," said Amazon Chief Executive Officer Jeff Bezos said in a written statement.

Amazon said its investment in coronavirus measures during the quarter included funds for purchasing protective equipment for employees and enhancing warehouse cleaning as well as adding family care benefits and paying out bonuses to warehouse and delivery workers.

Amazon's North America sales grew 43% year-over-year to $55.4 billion, as consumers continued to rely on online shopping during the COVID-19 pandemic. Revenue from Amazon Web Services, the company's cloud computing business and single biggest profit driver, grew 29% to $10.8 billion in the quarter.

Amazon also provided forward guidance, saying it expects sales to grow between 24% and 33% during the upcoming third fiscal quarter to between $87 billion and $93 billion. Amazon stock jumped more than 4% in after-hours trading on the earnings results.