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Amazon Posts Surprise Profit; Shares Soar

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Amazon Earnings Were Spectacular: Amobi

Updated on Inc. reported a surprise second-quarter profit on top of sales that beat analysts’ estimates, showing investors -- as it has done before -- that the Web retailer can make money when it puts the brakes on investments.

Shares in Amazon jumped as much as 19 percent after it reported Thursday that revenue rose 20 percent to $23.2 billion, helped by a fast-growing cloud-computing business and initiatives to lure more customers. Net income was $92 million, or 19 cents a share. Analysts projected, on average, a loss of 14 cents on sales of $22.4 billion.