Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher.

The Seattle-based e-commerce giant lost $2.03 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.

That compared to a profit of $7.78 billion a year ago. It posted a loss of $3.84 billion in this year's first quarter, its first quarterly loss since 2015, which was also marked by a large Rivian write-down.

Analysts had been expecting a 12-cent profit in the latest quarter, according to FactSet.

But Wall Street was cheered by Amazon's $121.2 billion in revenue, topping expectations of $119 billion. The results came as the company attempts to navigate shifting consumer demand and higher costs, while curtailing the glut of warehouses it acquired during the COVID-19 pandemic.

The company’s stock rose 12% in after-hours trading.

The e-commerce and tech giant's revenue growth landed at a relatively sluggish 7%, the same as the first quarter of this year. It comes as the pandemic-induced consumer reliance on online shopping dies down and Americans are shifting their spending habits away from things like home improvements towards traveling and eating out.

Consumers and businesses are also feeling the weight of surging inflation, which is at its highest in 40 years. Faced with rising costs of food and gas, Americans have dialed back purchases on discretionary items, forcing Walmart, Target and other retailers with extra inventory to offer more discounts on items like electronics.