Amazon profits double, beat estimates

Amazon.com is not being hurt by economic weakness and high fuel prices, after the firm reported that its second quarter profits more than doubled and surpassed analyst expectations.

The internet retailer also raised full-year revenue projections, an Associated Press report said.

Sales were strong in several sections of Amazon's massive marketplace, the report added.

For the quarter that ended June 30, Amazon earned €100 million (US$158 million). Amazon earned €49.7 million (US$78 million) in the same quarter last year.

The company's revenue climbed 41% to €2.5 billion (US$4.06 billion), including a 35% leap in North American sales.

But Amazon also noted that revenue from shipping _ which includes earnings from its membership-based two-day shipping program, Amazon Prime, and its third-party shipping program, Fulfillment by Amazon _ rose significantly.

For the current third quarter, Amazon predicted sales of €2.6 billion (US$4.20 billion) to €2.8 billion (US$4.43 billion); analysts had been looking for €2.7 billion (US$4.23 billion) in revenue.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.