Amazon Heads Towards Becoming a Trillion Dollar Company

Amazon just reported its biggest quarterly profit total in company history on Thursday.

For the second quarter, Amazon reported net income of $2.5 billion, or $5.07 a share. This is the first time Amazon has reported $2 billion in quarterly profit. Revenue at $52.9 billion was up drastically from $37.96 billion in the year ago quarter but trailed behind estimates. Analysts were waiting for $2.48 a share and revenue of $53.37 billion.

Net income at $2.5 billion was a 1,200% increase from the year ago period. It has now been three consecutive quarters that Amazon posts a profit of over $1 billion and the first time it ever broke the $2 billion level.

The company said 2018’s Prime Day was the biggest sale day yet for Amazon with over 100 million products sold. Amazon said its retail business saw revenue of $46.78 billion, slightly behind the $47.37 billion that analysts had waited for. Operating profit at $1.34 billion was way past the $240 million expected however.

CFO for the company, Brian T. Olsavsky, said during the earnings call, “So it was a strong quarter. We had – what I attribute it to is continued strength in our – some of our most profitable areas. AWS had its third consecutive quarter of accelerating growth, 49% FX-neutral growth. Advertising also had strong growth. Elsewhere we saw probably better than expected efficiencies in operations, our infrastructure costs, and generally all of our fixed costs.”

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.