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Amazon Q2 net profit grows to $2.53B from $197M, beating expectations

Amazon.com Inc.'s net income hit a record high in its second quarter, as the company posted diluted EPS that more than doubled analyst expectations.

The company reported diluted earnings per share of $5.07 for the three months ended June 30, beating the S&P Capital IQ mean consensus estimate for GAAP EPS of $2.51. In the same period last year, Amazon reported diluted earnings per share of 40 cents.

Net income increased to $2.53 billion in the second quarter, higher than the S&P Capital IQ mean consensus estimate for GAAP net income of $1.25 billion. In the same quarter last year, Amazon posted net income of $197 million.

Net sales jumped 39% to $52.89 billion in the second quarter compared to $37.96 billion in the same quarter last year. Excluding a $760 million gain from year over year changes in foreign exchange rates, net sales increased 37% compared to the same quarter last year. Amazon Web Services, the cloud services division, saw revenue grow 49% to $6.11 billion from $4.10 billion in the same quarter last year.

Amazon's second-quarter operating income increased to $2.98 billion in the quarter from $628 million in the prior year quarter.

The company anticipates net sales of $54.0 billion to $57.5 billion in the third quarter. That would represent growth of 23% to 31% year over year.

Amazon anticipates operating income of between $1.4 billion and $2.4 billion, compared with $347 million in the prior-year quarter.