Investor expectations were low heading into Amazon's (NASDAQ: AMZN) second-quarter earnings report Thursday afternoon. After all, the tech stock had already lost 27% this year coming into its quarterly update. The pandemic tailwinds it once enjoyed have faded, and the broader tech sell-off has weighed on it.

However, Amazon's latest earnings report was a reminder of why the e-commerce stock has been one of the biggest winners in the market over the last generation. In a tough environment, Amazon beat both analyst expectations and its own guidance, driving the stock up 13% after hours on Thursday.

Revenue increased 7%, or 10% in constant currency, to $121.2 billion, ahead of the Wall Street consensus at $119.1 billion and the company's own guidance of $116 billion to $121 billion. Operating income of $3.3 billion was down from $7.7 billion in the quarter a year ago, as shopping habits have shifted away from e-commerce. Still, that figure topped the company's guidance of negative $1 billion to $3 billion in operating income.

Continue reading

Source Fool.com