Amazon Shares Surge 9% on Strong Q2 Earnings and Higher Capex

Amazon made a lot of money in the second quarter of 2024, earning $200.61 billion, which is more than people expected.

Its cloud business, AWS, grew a lot—37%—which is the fastest growth in many years.

Because of this success, the company said it will spend more money next year, up to $220 billion, to keep up with demand for artificial intelligence.

Even though the company made a lot of money, it spent so much that it had a negative cash flow of $7.6 billion for the quarter.

The CEO, Andy Jassy, said that the demand for Amazon’s services in 2028 is very strong, showing that the company expects to keep growing for many years.