Amazon overtakes Wal-Mart

Amazon reported a profit of $92 million, or 19 cents per share, for the second quarter ended June 30, compared with a loss of $126 million, or 27 cents per share, a year earlier.

Revenue rose to $23.19 billion from $19.34 billion. Online retailing currently accounts for only 7% of US retail sales. This sent its shares up 17.5 percent in extended trading.

The online retail pioneer, which has been aggressively expanding its Amazon Prime membership service with one-day sales events and same-day free delivery options, was valued as high as $267bn after a 19 per cent share price surge in after-hours trading. (index)