Amazon (NASDAQ: AMZN) is no stranger to making headlines. But this year, the tech giant is taking a back seat to its fellow FAANG stocks like Microsoft and Alphabet, which are duking it out with new generative AI chatbots, and Apple, which announced the Vision Pro, its new spatial headset.

However, Amazon's stock price has quietly jumped 54% this year, riding the rebound in tech stocks. And the company tacked on some more gains in after-hours trading on Thursday after it released second-quarter earnings, topping estimates on the top and bottom lines.

Revenue rose 11% in the quarter to $134.4 billion, ahead of expectations at $131.6 billion. Guidance was also better than expected, calling for 9%-13% revenue growth in Q3. More importantly, Amazon saw a strong improvement in operating income, rising from $3.3 billion to $7.7 billion, primarily due to the impact of cost-cutting in its North American segment.

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Source Fool.com