Amazon shares swung higher after the retail giant posted its fifth-straight period of profitability, and handily beat Wall Street's forecasts.
The online retailer reported earnings per share of $1.78 adjusted, easily sweeping past expectations for $1.11, according to a Thomson Reuters consensus estimate. Revenue came in at $30.4 billion, also beating forecasts of $29.55 billion.
That compared with net income of $92 million, or 19 cents per diluted share, in second quarter 2015.
The company's shares initially dipped following its announcement, but then inflected higher. Amazon stock is up more than 40 percent over the past year.
"Obviously this has been an incredibly strong stock since February or March so the bar is very high here," said Edward Yruma, an analyst at KeyBanc Capital Markets.
Investors have been keeping a close eye on Amazon's profits, with the second quarter marking its fifth-straight period of profitability. The company has invested to lower delivery costs and increase online media offerings to its members.