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Technology

Online Retailer Amazon Sees Sales Rise 39% In Second Quarter

Amazon.com Inc forecast strong autumn sales and posted a profit that was double Wall Street targets, thanks to the retailer's younger, higher-earning businesses, including cloud computing and advertising.

Shares rose more than 3% in after-hours trade. The report was a relief to investors in the U.S. technology sector, still reeling from a profit warning by Facebook Inc Wednesday that plunged its stock 19%.

Amazon's report shows how the world's largest online retailer has increasingly learned to compensate for the high costs of fast package delivery and video streaming by controlling expenses and building up higher-profit businesses.

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