Amazon's Stock Surges as AWS Cloud Growth Accelerates
Shares of Amazon.com Inc. rose more than 12% in extended trading after the company posted earnings and revenue that exceeded analysts' expectations, driven by strong growth in its cloud computing business.
The company reported earnings of $1.95 per share, surpassing Wall Street's target of $1.57 per share, while revenue increased 13% to $180.17 billion, ahead of the $177.8 billion forecast.
Operating income was $17.4 billion, flat compared to the previous year, due to a $2.5 billion fine paid to the U.S. Federal Trade Commission and $1.8 billion in severance costs.
Driven by strong growth in its cloud computing business.
Author's summary: Amazon's stock rises 12% due to strong AWS growth.