Amazon Q2 Earnings Highlights: Revenue Beat, Loss On Rivian Investment, Prime Day, Guidance And More

E-commerce leader Amazon.com Inc AMZN reported second-quarter financial results after the market close Thursday. Here are the key highlights for investors. 

What Happened: Amazon reported net sales of $121.2 billion in the second quarter, up 7% year-over-year. The total came in ahead of a Street estimate of $119.1 billion, according to data from Benzinga Pro.

The company reported a net loss of 20 cents per share in the second quarter. The company said the net loss includes a pre-tax valuation loss of $3.9 billion related to an investment in Rivian Automotive RIVN.

“Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” Amazon CEO Andy Jassy said in a statement. 

Amazon reported over 300 million items were sold in its Prime Day event held July 12 and 13, with members buying 100,000 items per minute. Amazon Devices had a record-breaking day for the company, selling more devices than any other Prime Day in history.

The company highlighted its recent announcement of a free one-year membership of Grubhub+ for Prime members.

Prime Video received 30 Emmy nominations along with recently acquired MGM receiving seven. The company reported the season three premiere weekend of “The Boys” saw its audience up 234% from season one and 17% from season two.

Amazon Web Services saw new wins in the quarter from Delta Air Lines DAL, Riot Games and BT. Amazon Web Services has over 200 products and services that can help customers lower costs and innovate faster.

The company announced the availability of AWS Mainframe Modernization, which makes it faster for customers to modernize mainframe-based workloads by moving them to the cloud. AWS also launched AWS Cloud WAN, a new managed wide area network service.

Related Link: What To Watch For On Amazon Stock Before And After Q2 Earnings Print

What’s Next: Amazon said it expects-third quarter net sales to be in a range of $125 billion to $130 billion, up 13% to 17% year-over-year. 

Benzinga Pro shows a third-quarter analyst estimate of $126.4 billion in net sales. 

Amazon highlighted its upcoming Prime Video show “The Lord of the Rings: The Rings of Power,” which hits the platform on Sept. 2. A new trailer was shown at San Diego Comic Con.

“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series ‘The Lord of the Rings: The Rings of Power’ on September 2,” Jassy said.

AMZN Price Action: Amazon shares are up 12% to $136.46 in after-hours trading Thursday.

Photo via Shutterstock.