Amazon.com Inc on Thursday said it expects a jump in third-quarter revenue, as the retailer collects bigger fees from Prime loyalty subscriptions and as consumer demand remained high in spite of rising inflation.
Shares of the world’s largest online retailer rose 13 percent in trading after the bell, extending its market valuation by more than $150 billion.
Amazon, like much of the retail industry, is facing a reckoning. Major rival Walmart Inc this week said it would make much less this year than it once expected. U.S. consumer confidence has tumbled to a recent low, and some are sticking to lower-priced essentials to manage economic woes.
That has not stoppedAmazon. …
Keep on reading: Amazon sees resilient consumer demand as shares jump 13%