While Amazon ended up with a $2 billion loss in the second quarter, the company said revenue was accelerating due to progress in the Prime service.
Among the content that increases the value of Prime Video are the upcoming “The Lord of the Rings: The Rings of Power”, based on the work of JRR Tolkein, and the addition of National Football League games to the lineup. Premium Video.
The Seattle-based company reported revenue of $121.2 billion, up 7% from the prior year period and well above Wall Street projections for $119 billion. , according to Yahoo Finance. But it posted a loss in the three months to June.
Wall Street applauded the results, sending the stock up nearly 10% in after-hours trading.
Investors were optimistic about the company’s projections that net sales would be between $125 billion and $130 billion, a double-digit gain from the third quarter of last year.
Amazon Chief Executive Andy Jassy said the retail and tech giant benefits from such diversification and will be able to contain costs.
“Despite continued inflationary pressures on fuel, energy and transportation costs, we are making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our distribution network,” did he declare. “We’re also seeing an acceleration in revenue as we continue to make Prime even better for members, both by investing in faster shipping speeds and adding unique perks like free shipping from Grubhub for a year. , exclusive access to NFL “Thursday Night Football” games starting September 15, and the release of the highly anticipated series “The Lord of the Rings: The Rings of Power” on September 2.
In a call with investors Thursday, the company’s finance officials said they were investing heavily to spur expansion into international markets.
Executives said they have invested in Prime Video broadcasts beyond the United States and are looking for local language video content opportunities that will resonate with customers in other territories.