- Amazon‘s Q2 earnings beat Wall Street forecasts, driven by AWS revenue of $42.2 billion (up 36.7% year over year)
- CEO Andy Jassy reported a $496 billion backlog growing triple digits year over year
- Amazon stock surged as much as 15% on Friday, reaching a two-month high with a 17% YTD gain
- Core retail sales grew 16% in North America and 15% internationally, while advertising revenue rose 26%
- Circle (CRCL) was granted a trust charter by the New York Financial Services Department
On Friday, Amazon saw its stock surge up to 15% after reporting Q2 earnings that topped Wall Street forecasts, powered by exceptional growth in Amazon Web Services. AWS generated $42.2 billion in revenue during the second quarter, a 36.7% year-over-year increase driven by strong performance in its core cloud business and AI services. CEO Andy Jassy noted during the earnings call that the company added over $4.6 billion in revenue quarter over quarter, “about 80% more than our largest increase ever. Our backlog stands at $496 billion, growing triple digits year over year.” Consequently, the stock hit a two-month high and is now up 17% year to date.
Meanwhile, Amazon’s core retail business remains healthy, with North American sales growing 16% to $116.2 billion and International sales increasing 15% to $42.2 billion. The company also reported record delivery speeds for Prime members and strong growth in grocery and everyday essentials categories. Furthermore, advertising revenue expanded 26% year over year, establishing itself as another high-margin profit driver alongside AWS. Following the earnings report, analysts from Wells Fargo, Citi, and Wedbush reiterated buy ratings, flooding the market with momentum. Based on 38 analysts offering 12-month price targets, the average target for Amazon is $332.76, representing a 22.53% upside from Friday’s close. In a separate development, Circle was granted a trust charter by the New York Financial Services Department.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Google removes Earth AI feature after fake satellite image backlash
- Moonshot AI Uses 20,000 Nvidia Chips Leased from Alibaba
- Bank of Italy study finds stablecoins no cheaper or faster than traditional remittances
- Chinese hackers target Central Asian governments with new backdoors
- Circle wins NY trust charter, USDC issuer stock dips 4%
