Amazon's advertising business continued its ascent last quarter, hitting $2.2 billion in revenue, a growth rate outpacing even optimistic forecasts for the company.The stock is changing hands at $1,820.09 up 12.09 (+0.67%).
On Thursday, Amazon reported second-quarter results and advertising was again the brightest spot for the e-retailer, growing at 132 percent, its fastest-growing segment by far. Amazon's total sales hit $52.9 billion, an increase of 39 percent year over year.
Meanwhile, profits were $2.5 billion, which was up from $200 million at the same time a year ago. Advertising is helping Amazon hit the new levels of profitability.
In the first quarter, Amazon ad sales topped $2 billion for the first time. In the second quarter 2017, ad sales were $945 million.
According to eMarketer's latest forecast, Amazon was expected to only do $3.8 billion in digital ad sales this year. However, the earnings report suggests Amazon is on pace to do between $4 billion and $5 billion in ad sales for the full year, overshooting even that rosy projection.
Brian Olsavsky, Amazon's chief financial officer, expanded on the company's advertising fortunes during a conference call with analysts....MUCH MORE
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