It’s a big day for Amazon.
Shares of Amazon exploded to the upside today, to the tune of 20% at one point this morning, reaching all-time highs on Wall Street.
“The e-commerce giant said after the closing bell Thursday that revenue for the three months ended in June rose 20% to $23.2 billion on a profit of $92 million, or 19 cents a share,” USA Today is reporting.
As for the future? Perhaps more of the same.
Kevin Kelly, chief investment officer for Recon Capital Partners in Greenwich, Conn., said he could see a day when Amazon’s fortunes rest not on its e-commerce division but its back-end cloud sales.
“They brought customers in at such a low cost and then got them hooked into their ecosystem,” Kelly tells the publication.
