Jul 27, 2018 - Technology

Amazon hits record-high second quarter profitability

Haley Britzky

Photo: Aytac Unal/Anadolu Agency/Getty Images

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.

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Amazon hits record-high second quarter profitability

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