Amazon.com (AMZN), Alphabet Inc (GOOGL) Stock Spike on Huge Earnings Beat

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Amazon.com, Inc. (NASDAQ:AMZN) shares are up $43.61 to $809.45 in after-hours trading Thursday after the company reported its second-quarter earnings results that comfortably topped Wall Street’s expectations.

The e-commerce giant posted earnings of $1.78 per share on revenues of $30.40 billion, up 31.1% from a year ago. Analysts were expecting EPS of $1.12 on revenues of $29.57 billion. Sales for Amazon Web Services, its cloud-hosting division, were $2.86 billion, up 58% from a year ago. The Street was expecting $2.83 billion. This is Amazon’s fifth-straight period of profitability.

CEO Jeff Bezos, who as of market close on Thursday was worth an estimated $65.3 billion, said it had been “a busy few months for Amazon around the world, and particularly in India.” Bezos noted the company introduced its Amazon Web Services cloud computing facility in that country and its Prime membership service. He also announced that Prime Video is coming soon.

“The team in India is inventing at a torrid pace, and we are very grateful to our Indian customers for their welcoming response,” he added.

For the third-quarter, Amazon said it expects net revenues to be between $31 billion to $33.5 billion, compared to the consensus revenue estimate of $31.66 billion.

The Seattle, Washington-based company is up 42.27% year-over-year, compared with a gain of 2.75% in the S&P 500.

Google-parent Alphabet Inc (NASDAQ:GOOGL) reported second-quarter EPS of $8.42 after the closing bell Thursday, compared to the consensus estimate of $8.04. Revenues increased 21.3% from $17.7 billion last year in the same quarter to $21.50 billion. Analysts expected revenues of $20.77 billion. Net income came in at $5.86 billion compared to $4.82 billion a year earlier. The numbers suggest strong performance in core areas of mobile search, programmatic advertising and YouTube engagement.

CFO Ruth Porat said in a statement that the results “reflect the successful investments we’ve made over many years in rapidly expanding areas such as mobile and video.”

Meanwhile, aggregate paid clicks jumped 29% on a year-over-year basis, while paid clicks on Google websites were up 37 percent year over year.

The stock is currently up $36.50 to $782.41 on 3.39 million shares. Alphabet prints a one year return of 18.04%, and a year-to-date loss of 1.71%.

Baidu Inc (ADR) (NASDAQ:BIDU) dropped $0.63 to $165.00 in after-hours trading after it reported fiscal-second quarter earnings.

The leading Chinese language Internet search provider handed in earnings of $1.22 per share on revenue of $2.75 billion, in-line with Wall Street estimates on revenue of $2.74 billion. Baidu said mobile revenue represented 62% of total revenues for Q216, compared to 50% for the corresponding period in 2015. Net income was $363.2 million, a 34.1% decrease from the same period a year earlier.

For the current quarter, Baidu expects revenue to be between $2.71 billion to 2.8 billion, compared to the consensus revenue estimate of $2.97 billion.

BIDU currently prints a 52-week loss of about 2.6 percent, and a 12.38 percent loss since Jan. 1.

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