Amazon Profit Up 48 Percent To $7.8 Billion in Second Quarter

Amazon posted a net profit of 7.8 billion dollars in the second quarter. That is an increase of 48 percent compared to a year ago. This result is due to online shopping and the cloud.

 

The tech giant lost 5 percent on Thursday after the stock market closed on Wall Street. Amazon, however, had a turnover of 113 billion (+27 percent), but that was 2 billion below analysts’ expectations.

During the past quarter, Amazon took advantage of its annual “Prime Day,” a two-day promotion on the e-commerce site for Prime subscribers who pay for free 24-hour delivery and other benefits.

At the end of May, Amazon bought the nearly 100-year-old Hollywood studio Metro-Goldwyn-Mayer for $8.45 billion. That catalogue will allow the company to expand Prime Video significantly, its streaming service included in the subscription.

Interest in the ‘cloud’ remains strong, even with the gradual lifting of corona restrictions. For example, Amazon’s cloud division AWS reported $14.8 billion in revenue. That is 37 percent more than in the same period a year ago.