NEW YORK ( TheStreet ) -- Shares of Amazon.com ( AMZN ) are rising 2.04% to $767.99 in after-hours trading after the company reported 2016 second quarter financial results that were higher than expectations following today's closing bell. The company reported adjusted earnings of $1.78 per share, well above estimates of $1.11 per share. Amazon.com also reported revenue of $30.4 billion, up 31% year-over-year. Wall Street was looking for the company to report revenue of $29.55 billion for the quarter. Web sales were $2.89 billion for the period, aided in part by the company's online sale "holiday," Prime Day, on July 12. "The second annual Prime Day was the biggest day ever for Amazon, and was also a record day for Amazon devices globally," the company said in a statement. "Compared to Prime Day 2015, worldwide orders grew by more than 60%, orders from third-party sellers with Prime Day deals nearly tripled, and Prime members saved over twice as much on deals." For the third quarter, Amazon.com is projecting revenue of $31 billion to $33.5 billion. (Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial ). Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings rated this stock as a "buy" with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.