Amazon beats on earnings, stock trades up and down

Amazon just reported its second quarter earnings after the bell on Thursday afternoon.

It's a beat across the board. Amazon shares dipped as much as 4% in after hours before bouncing back up ~2.5%.

Here are the most important numbers:

• Q2 earnings per share (GAAP): $1.78 per share vs. $1.11 per share estimated
• Q2 Revenue: $30.4 billion vs. $29.56 billion estimated (up 31% year-over-year)
• AWS revenue: $2.88 billion vs. $1.82 billion last year, up 58% year-over-year
• Operating cash flow: $12.7 billion, up 42% from $9.0 billion last year

Amazon had $857 million in net profit, setting its third straight record-high quarterly profit. That's also five straight profitable quarters for Amazon, an anomaly for a company known for investing in growth over profits. Operating income came in at $1.3 billion, a huge jump from last year's $464 million.

It gave revenue guidance in the range of $31 billion to $33.5 billion, close to street estimates of $31.6 billion.

In its earnings release, Amazon CEO Jeff Bezos touted the company's expansion into India, a market it committed to inveset $5 billion last quarter. "It's been a busy few months for Amazon around the world, and particularly in India - where we launched a new AWS Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies - including original content featuring top Indian creators and talent," he said.

We will be reporting live as the numbers cross, so hit refresh or click here for the latest updates.

Amazon shares have been on an absolute tear lately, jumping over 50% since February. Its soaring stock price has made Amazon the fifth most valuable company in the US at one point, and turned its CEO Jeff Bezos into the world's third richest man.

Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.