Jeff Bezos' Amazon Stock Surged 14% After a Blowout Earnings Beat, Adding $25 Billion to His Fortune. Is the Stock Still a Buy After the Rally?

Amazon's Q2 revenue and earnings per share came in well ahead of Wall Street's expectations.

AWS posted a 63% jump in operating income, ending the quarter with an almost $500 billion backlog.

To say that Amazon 's (NASDAQ: AMZN) second-quarter financial results were well received would be an understatement. Shares surged 14% just after the news, with the business now sporting a market capitalization that's just under $3 trillion.

Jeff Bezos, who stepped down as CEO in 2021 and has been chairman of the board since, owns more than 8% of the company's outstanding shares. The post-earnings jump immediately added $25 billion to his fortune on the morning of July 31. He's the world's third-richest person, just behind Alphabet co-founder Larry Page.

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Is the "Magnificent Seven" stock still a buy after its huge rally?

During the three-month period that ended June 30, Amazon reported revenue of $200.6 billion and adjusted earnings per share of $1.97. Both of these headline figures were ahead of what Wall Street analysts were forecasting.

The biggest story continues to be the cloud segment, known as Amazon Web Services (AWS). It posted a year-over-year revenue gain of 37%, which was the fastest growth rate in 18 quarters . Operating income for the division climbed 63% to $16.6 billion, accounting for 60% of Amazon's total.