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Amazon beats sales estimates in Q2

by ace

(Reuters) – Amazon.com surpassed Wall Street’s quarterly revenue estimates on Thursday and predicts sales in the current quarter above projections, with the coronavirus crisis triggering an increase in purchases on its platform and driving demand for your cloud services.

The company’s shares, which rose about 65% this year, advanced 4% in the after-market.

Online retailers have seen an increase in demand, with social isolation measures due to the Covid-19 pandemic resulting in fewer purchases at physical stores.

The company estimates net sales of $ 87 billion to $ 93 billion for the third quarter. Analysts, on average, expected revenue of 86.34 billion reais, according to Refinitiv.

Amazon’s cloud services were also in strong demand as companies moved to virtual offices due to the spread of the pandemic. Revenue from Amazon Web Services (AWS), which sells data storage and computing power in the cloud, rose nearly 29% to $ 10.81 billion.

Net sales rose to $ 88.91 billion in the quarter, from $ 63.4 billion, exceeding estimates of $ 81.56 billion, according to Refinitiv’s IBES data.

(Reporting by Akanksha Rana in Bengaluru and Jeffrey Dastin in San Francisco)


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