
Amazon is seeing hot sales in the summertime.
The e-commerce company posted sales up 31 percent over last year to $30.4 billion, for the second quarter ended June 30, 2016.
But it’s Amazon’s bottom line that’s really blossoming. Profits in the quarter totaled $857 million, or $1.78 per diluted share, compared to $92 million, or $0.19 per diluted share in last year’s second quarter. That’s an 831 percent increase in net income.
The results come on the heels of the retailer’s recent Prime Day—an Amazon-specific Black Friday of sorts where deals are exclusive to members of its $99 per year Prime service. The single sale day rang in as Amazon’s biggest day ever.
On Prime Day, July 12, Amazon offered more than 100,000 deals across nearly all of its departments and sales beat last year’s first ever Prime Day by more than 60 percent worldwide, though specific numbers weren’t disclosed. Amazon said orders from third-party sellers with Prime Day deals almost tripled and Prime members saved more than twice as much on deals than in 2015.
Other highlights for the quarter include launching Prime in India, and so far things have gone well with the Indian consumers in more than 100 cities that can now enjoy the retailer’s free one- and two-day deliveries and other online Amazon services.
“The team in India is inventing at a torrid pace, and we’re very grateful to our Indian customers for their welcoming response,” Amazon CEO Jeff Bezos said in a statement.
Overall, analysts are calling the second quarter an impressive one for the e-tailer.
“This is a very impressive quarter for Amazon on multiple fronts, led by North American, from sales growth across both key product categories, to product/retail margin expansion of 145 bps year-over-year, and to the continuation of the explosive growth at Amazon Web Services,” Moody’s Investor Service vice president Charlie O’Shea said. “This is particularly impressive as we believe there was likely delayed shopping/spending by Amazon’s key Prime members in anticipation of the Prime Day deals, especially where purchases of discretionary items are concerned.”
Amazon said it expects set sales between $31 billion and $33.5 billion for the third quarter, which would amount to 22 to 32 percent growth over the third quarter of 2015.