Amazon hits record-high second quarter profitability
Amazon's profit reached new heights for the second quarter, reaching $2.53 billion, the Wall Street Journal's Laura Stevens reports.
The big picture: That still doesn't beat out other major tech giants like Microsoft and Alphabet, per Stevens, but it is the third quarter in a row that showed profits of more than $1 billion.
Amazon's finance chief, Brian Olsavsky, "credited the profitability to...fiscal discipline and growth in the services business," per the WSJ.
- The e-commerce giant is expected to bring in "roughly half of ever dollar spent online in the U.S."
- Stevens writes: "No longer is Amazon known for suffering losses or producing razor-thin income by plowing every dollar it makes back into investments."
Yes, but: Quarterly revenue wasn't as promising. The WSJ reports that it came a little below estimates at $52,89 billion, and it's expected to be below estimates again in the third quarter.