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Amazon shares surge after surprise profit report
by Staff Writers
San Francisco (AFP) July 23, 2015


Amazon shares rocketed higher Thursday after the online giant surprised the market by swinging to profit in the second quarter amid surging sales.

The US e-commerce giant, which is also a major player in online video and cloud computing, reported a net profit of $92 million while revenues jumped 20 percent from a year ago to $23.18 billion.

Amazon shares vaulted 17 percent in after-hours trade to $568. Analysts had been expecting a net loss for the Seattle-based firm.

The company founded by Jeff Bezos has been known for investing in long-term projects with little concern for short-term profits, but some of those investments appear to be paying off.

"The teams at Amazon have been working hard for customers," said Bezos, who cited the company's diverse offerings including Emmy-nominated television shows, a voice-controlled personal assistant and a range of cloud computing services.

Amazon Web Services, the cloud computing division, was a big factor in the results, showing a revenue jump of more than 80 percent to $1.8 billion in the three months to June 30, and accounting for $391 million in operating income.

North American sales, which are the largest segment for Amazon, rose 25 percent to $13.8 billion.

Amazon also offered a better-than-expected outlook for the current quarter, predicting revenues in the range of $23.3 billion to $25.5 billion.

soe-rl/dc

AMAZON.COM


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PayPal jumps in first trades after spinoff
New York (AFP) July 20, 2015
Shares in PayPal jumped Monday in the first day after being spun off by eBay, with the online payments group seeing a market value higher than its former parent. At the closing bell on the Nasdaq exchange, PayPal was up 5.42 percent at $40.47, equating to a market capitalization of more than $49 billion. The share price rose another percent in after-market trades. Meanwhile, eBay rose 2. ... read more


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