Amazon Exceeds Expectations with Strong Earnings Report Driven by Cloud and Advertising Growth
- Amazon reported better-than-expected revenue and profit in the second quarter, with sales up 11% year-over-year.
- The growth was driven by Amazon's cloud computing business AWS, which saw 12% revenue growth, and advertising revenue, which grew 22%.
- Cost-cutting measures helped boost profitability, with Amazon reporting $6.7 billion in net income compared to a $2 billion loss last year.
- CEO Andy Jassy highlighted AI advancements within AWS and strong demand for advertising services.
- Amazon gave an upbeat revenue forecast for the third quarter, anticipating sales will be boosted by Prime Day performance.
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