August 4, 2023: Amazon gets on Encouraging Outlook filled by E-Commerce Business, the stock increases over 7% in extended trading.

The stock increased in extended trading on Thursday.

For the third quarter, Amazon expects sales of between $138 billion and $143 billion or growth of between 9% and 13%. Analysts were expecting revenue of $138.25 billion, according to Refinitiv.

Amazon has returned to double-digit growth after expansion was mired in the single digits for five of the past six quarters. It was attributed some of the improvement to AWS, which had previously seen clients slow their spending due to economic uncertainty.

“Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment,” Jassy said.

Sales in Amazon’s cloud unit ascended 12% in the second quarter to $22.1 billion, above the $21.8 billion projected. Still, that marks a deceleration from the prior quarter, when sales expanded 16%.

The company reported net income of $6.7 billion, or 65 cents a share, after recording a loss of $2 billion, or 20 cents a share, a year earlier. The year-ago loss resulted from a markdown on the company’s investment in electric vehicle company Rivian.