Amazon Posts Second Quarterly Loss But Jumps On Revenue

Amazon shares goes up more than 13% in afterhours trading on Thursday. This happens after the company reported better-than-expected second-quarter revenue and gave an optimistic outlook

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Amazon said it expected to return to double-digit quarterly revenue growth now that the year-on-year comparisons with the coronavirus pandemic-affected periods in 2020 and 2021 had passed

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Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion,

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Strong performance from its Amazon Web Services cloud business and its fast-growing advertising arm were credited for the better than expected revenues.

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Amazon is also working on switching its cargo fleet to electric vehicles known as Electric mini-trucks to cut the cost of gas, which is also raising the cost due to the global economic crisis

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