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Stock Alert: Amazon Shares Up 4%

Shares of the online retail giant Amazon.com Inc. (AMZN) are rising over 4% Friday morning, after the company issued upbeat Q3 revenue guidance, while reporting stellar Q2 results.

The stock has been trading in the range of $1,626.03 - $3,344.29 for the past one year, and is currently trading at $3,196.92, up $145.04 or 4.75% in the regular session.

For the third quarter, the company expects sales to be in the range of $87.0 billion - $93.0 billion. Analysts currently estimate revenues of $86.29 billion.

The company reported Q2 net income of $5.24 billion or $10.30 per share versus $2.63 billion or $5.22 per share last year. On average, 39 analysts polled by Thomson Reuters expected earnings of $1.46 per share for the quarter.

Sales for the quarter increased 40% to $88.91 billion from $63.40 billion last year. Analysts expected revenue of $81.53 billion for the quarter.

Amazon also said it would invest more than $10 billion in satellite-based broadband services in the United States, following approval by the Federal Communications Commission (FCC) for the project.

Amazon's ambitious project called Kuiper is the company's plan to launch a constellation of 3,236 low-Earth orbit (LEO) satellites to provide high-speed, affordable broadband service to people around the world, who are not able to access such facility.

The project would also serve wireless carriers extending LTE and 5G service to new regions, Amazon said.

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