Amazon stock up 14% despite second consecutive quarterly loss; net sales up

E-commerce giant Amazon reported a quarterly net loss of $2 billion, its second consecutive loss in a quarter, but strong revenues and continued growth from Amazon Web Services (AWS) saw its stock soaring 14 per cent in after-hours trading.

Net sales increased 7 per cent to $121.2 billion in the second quarter (Q2), compared with $113.1 billion in the second quarter last year.

Net loss was $2 billion in the second quarter, compared with net income of $7.8 billion in the same period last year.

The net loss in the second quarter (Q2) included a loss of $3.9 billion in non-operating expenses from Amazon’s investment in Rivian Automotive, the company said in a statement late on Thursday.