Amazon beat expectations to avoid a decline in tech revenue

The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30.

Amazon (AMZN) Shares rose more than 11% in afternoon trading following the results, which partially offset the company’s $2 billion loss on its investment in electric truck maker Rivian. Amazon posted a similarly large loss last quarter for Rivian Investments.

“Despite continued inflation in fuel, energy and transportation costs, we are making progress on the more controlled costs we mentioned last quarter,” Amazon CEO Andy Jassy said in a statement.

Amazon’s performance was buoyed by its cloud business, Amazon Web Services, which posted a profit of $5.7 billion on revenue of nearly $20 billion — a 33 percent increase from the same period last year.

The company’s after-hours stock jump was likely due to bright guidance released for the current quarter.

Amazon said it expects net sales of between $125 billion and $130 billion for the third quarter, an increase of up to 17 percent from last year.

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