For the first time in history, Amazon’s market capitalization has surpassed retail giant Walmart’s.
After announcing significantly better than predicted profits, a 20% year over year increase.
However, the numbers don’t tell all of the story in comparing the two companies. Amazon is boosted by its on demand video services as well as its cloud computing services, which now power many of the largest websites on the internet.
Here’s the down and dirty numbers, according to CNBC:
The company posted second-quarter profit of 19 cents per share on $23.18 billion in revenue. Its sales rose 20 percent from the year-earlier period and were more than $300 million better than the highest of 36 estimates from analysts polled by Thomson Reuters.
Wall Street expected Amazon.com to report a quarterly loss of 14 cents a share on $22.39 billion in revenue, according to consensus estimates from Thomson Reuters. The shares were up as much as 18 percent in extended trading after the results and were tracking well above their all-time high of about $493.
Amazon’s operating margin—a metric analysts and investors eyed coming into the report—was 2 percent, compared with 1.1 percent in the first quarter. Operating expenses climbed 17 percent from a year earlier to $22.11 billion.