Amazon (AMZN) is going strong even as other Big Tech companies stumble.
The e-commerce giant on Thursday reported net sales of more than $121 billion between April and June, a 7% increase from the same quarter last year and higher than Wall Street's estimates.
Investor insight: Amazon stock surged 12% in premarket trading as investors shrugged off the company's $2 billion loss, which it attributed in part to its investment in electric truck manufacturer Rivian.
The focus is instead on the company's guidance for its current quarter, which ends in September. Amazon expects net sales between $125 billion and $130 billion, a jump of as much as 17% from last year.
"Big Tech's been a mixed bag this earnings season, but Amazon proved that the strong can survive even the toughest environments," Hargreaves Lansdown analyst Laura Hoy told clients.
Meanwhile, Apple (AAPL) looked less impressive. The world's most valuable tech company reported revenue of $83 billion, up just 2% from last year and a marked slowdown from the breakneck growth it saw in 2021. Profits declined by nearly 11%.