Amazon hammers estimates on quarterly profits, soaring to $2.5bn

Amazon just posted an insane earnings-per-share beat

Amazon posts record $2.5bn profit fueled by ad and cloud businesses

Yet the company said it expects an operating profit between $1.4 billion and $2.4 billion, up from $347 million a year earlier. With a market capitalization of $877bn, the Seattle-based company is squarely in the race with Apple and Alphabet to be the world's first trillion-dollar company. The company's stock is up 57 percent so far this year. Amazon, however, was the exception.

Following the disappointment Wednesday in Facebook's stalling growth in users and engagement in key markets, which led to a almost 20% drop in its stock price and over $100 billion in market cap, Amazon regained a small drop during trading hours to return to its previous day's close in after-hours markets. The news bumped Amazon's stock up 3.5 percent in after-hours trading, to $1,871 a share.

Amazon has reported record quarterly profits helped by a rise in online sales and demand for its cloud services.

Despite big retail sales, much of the giant's profits in the second quarter of the year came from its Amazon Web Services division.

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During the quarter, AWS revenue jumped 49% year-over-year, while Amazon's "other" category, which primarily consists of advertising, saw its sales increase a whopping 132% year-over-year.

Amazon's worldwide losses for the quarter ending June were $494 million, a fall of 31% from $724 million in the corresponding quarter of a year ago.

And its advertising business continued to surge.

And the AWS growth indicates that its non-e-commerce business is thriving. Amazon noted that, over the last three months, the cloud service has added an Elastic Container service for Kubernetes, the availability of its DeepLens camera line for machine learning, and the launch of both the Neptune graph database service and the Snowball Edge Computing appliance.

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But the company also did well on the cost front.

The social networking firm, which reported quarterly earnings after the market close on Wednesday, slumped by 19 percent Thursday.

While the company's fulfilment costs surged almost 54% in the quarter, all of its other costs - fulfillment, marketing, technology, administrative - grew much slower than its sales. Amazon scored a clear victory from the European Union's chief competition regulator in July when the court handed down a $5 billion to its main competitor Google, saying the search giant must support "forked" third-party versions of its Android operating system, which originally powered Amazon's Fire Phone. This is the first time that global losses in a quarter have fallen for the Seattle-based company since the second quarter of 2016.

An increase in the fee from $99 to $119 for Amazon Prime service-which includes free two-day shipping, streaming video programming, and other benefits-didn't seem to affect its ability to attract renewals and new Prime members. In the period, despite its windfall profit, the company allocated just $74 million for taxes, compared with $467 million a year ago.

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