A day after the firm revealed mixed second-quarter earnings and provided a third-quarter estimate that fell short of Wall Street’s expectations, Amazon shares closed down roughly 8.7% on Friday.
While revenue increased by 10% year over year to $147.98 billion in the second quarter, it fell short of LSEG’s forecast revenue of $148.56 billion.
Amazon’s net income more than doubled to $1.26 per share from a year earlier, above analysts’ projections of $1.03 per share and offering more proof that the company’s cost-cutting efforts are helping to improve its bottom line.
Amazon has 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 projection of $158.24 billion.
Source (CNBC)
