Amazon exceeded Wall Street’s second-quarter expectations, reporting more than $200 billion in revenue and a sharp rise in profit. The results underline the growing importance of its advertising and cloud businesses, while gains linked to its investment in AI firm Anthropic significantly boosted earnings.

Advertising services revenue rose 26% year on year to $19.8 billion, while total revenue reached $200.6 billion against forecasts of $196.43 billion. Diluted earnings per share were $5.75, above the expected $1.82, and net profit reached $62.6 billion; Amazon said AWS revenue grew 36.7%, its fastest rate in 18 quarters.