Amazon remains resilient as Economy weakens and gas prises rise

The high gas prices and withering economy don’t seem to be bothering Amazon.com Inc. The internet retailer reported Second quarter earnings that more than doubled and easily topped analysts’ expectations. The company’s shares jumped $6.07, or 8%, at $76.58 in after-hours trading, after finishing regular trading up $2.57, or 3.8%, at $70.54. Amazon.com Inc.’s chief executive, Jeff Bezos , suspects that increased fuel prices will actually give Amazon a “relative advantage” over other retailers. Bezos says that the increasing price of gasoline is making customers rethink the idea of going to the mall or outlet, so they decide to shop online. Amazon’s free shipping offers and “Amazon Prime” are even more valuable now to customers because of the current circumstances.
At the end of the quarter, June 30th, Amazon earned $150 million, and in the same quarter last year earned $78 million. The company’s revenue took a leap and climbed 41% to $4.08 billion, including a 35% leap in North America. The company’s net cost climbed to $128 million from $75 million last year.
The reasonably confident internet retailer has increased its sale forecast for the rest of the year to a range of $19.35 billion to $20.10 billion.