Amazon sees resilient consumer demand as shares jump 13 percent

Amazon.com Inc recently said it expects a jump in third-quarter revenue, as the retailer collects bigger fees from Prime loyalty subscriptions and as consumer demand remained high in spite of rising inflation.
Shares of the world’s largest online retailer rose 13% in trading after the bell, extending its market valuation by more than $150 billion.
Amazon, like much of the retail industry, is facing a reckoning. Major rival Walmart Inc this week said it would make much less this year than it once expected. US consumer confidence has tumbled to a recent low, and some are sticking to lower-priced essentials to manage economic woes.
That has not stopped Amazon. The online retailer projected net sales between $125 billion and $130 billion for the summer period, while analysts were expecting only $126.42 billion, according to IBES data from Refinitiv.