Amazon reported earnings for the second quarter of 2018 today, posting an even higher profit than Wall Street analysts estimated thanks in large part to boosts in North American operating income and its highly profitable cloud computing business. Amazon reported earnings per share of $5.07, more than double of analysts’ estimation of $2.50.
Amazon fell just short of revenue expectations by bringing in $52.9 billion instead of the expected $53.41. Yet Amazon Web Services continues to grow at a rapid pace, posting $6 billion in sales compared to $4.1 billion last year at a growth rate just shy of 50 percent. Last quarter, Amazon released the next-generation Fire TV Edition smart TV, including the new Toshiba 4K TV, as well as the Fire TV Cube.
Internationally, the segment that Amazon tends to do the worst in, the company managed to spend more and sell more, slimming its net loss to $494 million this year so far, compared to $724 million from this time a year ago.
The company also revealed that the recent Prime Day last week was its biggest sale day yet, selling over 100 million products, even though the website crashed at the time the event began. (Prime Day sales aren’t factored into this past quarter’s metrics, and will instead roll over to third quarter of the year.) The company also noted how the event prompted more people to sign up for Prime than any other previous day in the company’s history.
At the time of writing, Amazon’s stock is up 4.4 percent in after-hours trading. The company’s stock is nearing a $1 trillion market value, which would be a first for any global company.