Amazon’s market capitalization on Friday reached $270 billion, surging past Walmart, following a surprisingly strong second quarter earnings report. That amounted to a $46 billion boost in investor confidence, with shares hitting a record high of $580.57.
Analysts had projected that Amazon would take a hit in its second quarter. Instead, it reported a profit of $92 million. Net sales were up 20 percent from last year. CEO Jeff Bezos credited some new initiatives for the company’s impressive results.
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Amazon Reaps What It Sowed
Posted by: Quinten Plummer July 27, 2015 12:35 PMAmazon’s market capitalization on Friday reached $270 billion, surging past Walmart, following a surprisingly strong second quarter earnings report. That amounted to a $46 billion boost in investor confidence, with shares hitting a record high of $580.57.
Analysts had projected that Amazon would take a hit in its second quarter. Instead, it reported a profit of $92 million. Net sales were up 20 percent from last year. CEO Jeff Bezos credited some new initiatives for the company’s impressive results.