Amazon (AMZN) Stock Surges 15%: AWS Drives Quarterly Growth

Amazon (AMZN) saw its stock surge as much as 15% on Friday after its Q2 earnings report topped Wall Street forecasts thanks to Amazon Web Services. AWS generated $42.2 billion in second quarter revenue, up 36.7% year over year, fueled by strength across both its core cloud business and AI services. “We 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,” Amazon CEO Andy Jassy said during the company’s earnings call.

Amazon’s stock is now up 17% YTD, picking up steam after shares fell in value throughout June. Heading into the earnings report, Wall Street was closely watching Amazon’s cloud growth and capital expenditures on AI infrastructure. While expenditure will climb according to the e-commerce giant, AWS’ stellar revenue is driving the momentum for Amazon, sending its stock to a two-month high.

… Continue reading the full article at the original source below.