Adjusted earnings per share came in at $1.78, when Wall Street was forecasting $1.11, reports Tech Crunch. Amazon shattered expectations when it reported second quarter earnings after the bell on Thursday.
The company saw a significant increase in sales and profit from the same period last year. Net sales were up 31% and net income was $857 million, a very large jump from last year’s $92 million.
Amazon stock is also up 43% in the past year.
The company has also been aggressively expanding in India, touting it as a key emerging market, most recently with the launch of Amazon Prime there:
The team in India is inventing at a torrid pace, and we’re very grateful to our Indian customers for their welcoming response. – Jeff Bezos, Amazon CEO.
The company announced that it expects its revenue for Q3 to be between $31 billion and $33.5 billion.
Amazon has built up a successful ‘Prime’ business, where users pay annual subscriptions to get faster shipping and access to content like movies and music. It also created its own discount holiday last year called Prime Day. The sales day generated significant traction this year and will be included in Q3’s earnings.
Going forward, the company is betting that drone deliveries will cut down on costs and improve efficiency. Amazon is also expanding its grocery business.
Amazon’s earnings this quarter, coupled with various innovative push into markets from the US to India further cements its position as an industry mainstay.
A version of this appeared in Tech Crunch on July 28. Read the full version here.