Amazon tests 52-week highs after Q2 beat as analysts map path for AWS to reach $1 trillion

Amazon reported a stronger-than-expected second quarter, with worldwide net sales of $201 billion versus a $197 billion consensus estimate. Operating income came in at $27.5 billion versus $23.6 billion, while adjusted EBITDA was $53.5 billion versus $50.8 billion. AWS backlog was cited at $496 billion, up more than 150% year over year and 36% quarter over quarter. Analysts reiterated a bullish view and pointed to a long-term route for AWS to become a $1 trillion business, with the results coinciding with the stock testing its 52-week high.

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