On Friday, the company’s shares tumbled more than 9% after it revealed mixed second-quarter results and issued a third-quarter estimate that was below Wall Street’s expectations.
While revenue increased 10% year over year to $147.98 billion in the second quarter, it fell just short of LSEG’s forecast revenue of $148.56 billion.
Amazon’s net income increased to $1.26 per share from $1.03 per share a year earlier, exceeding analysts’ projections and offering more proof that the company’s cost-cutting efforts are helping to boost profits.
Amazon stated that it anticipates $154 billion to $158.5 billion in revenue for the third quarter, which ends in September. The range’s midpoint, $156.25 billion, was less than the consensus forecasts of $157.24 billion.
Source (CNBC)
