Amazon posts second quarterly loss in a row but shares rise on strong earnings

Sales for the three months ending in June increased by 7% to $121bn compared with $113.1bn in the second quarter of 2021. The increase marks one of the slowest growth periods for Amazon in its history but was better than expected.

The company reported a second quarterly loss of $2bn compared with a $7.8bn profit for the same period in 2021. Amazon reported a $3.8bn loss in the previous quarter. Much of that loss was due to its investment in Rivian Automotive, a struggling electric vehicle manufacturer.

Amazon Web Services (AWS), its cloud computing division, reported revenues of $19.7bn for the quarter, better than expected.

The company expects to post third-quarter revenue between $125bn and $130bn, representing growth of 13% to 17%.