(Bloomberg) -- Amazon.com Inc. Chief Executive Officer Andy Jassy pulled off a financial double play this earnings season: generating strong revenue growth from the core e-commerce business while cutting the pace of spending.

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The results sent shares up 8.3% to $139.57 at the close Friday, the best single-day performance since November and the highest price for the stock in almost a year.

Since taking the reins two years ago, Jassy has brought a decidedly unsentimental perspective to the world’s largest e-commerce and cloud services company. Under his direction, Amazon fired 27,000 people and pledged to keep headcount flat for the foreseeable future, whacked dozens of projects hatched during Jeff Bezos’s tenure and put multiple businesses under review.

On Thursday, investors got a fresh look at the results. Second-quarter revenue increased 11% to $134.4 billion, the company said in a statement, topping estimates. Sales in the online stores category increased 4% to $53 billion. Amazon’s cloud business, which typically supplies most of the company’s operating profit, exceeded expectations and showed signs of stabilizing.

“The upturn in Amazon’s e-commerce business is an encouraging sign for the back half of the year that should add to topline growth,” Andrew Lipsman, an analyst at Insider Intelligence, said after the results.

Jassy’s unprecedented ax-wielding paid off, too. The company’s operating expenses increased 7.5% in the three months ended June 30, the slowest rate since at least 2012. Sales and marketing costs rose just 6.5%, after years of increasing by as much as a third. As a result, operating income more than doubled to $7.7 billion in the quarter.