Amazon.com Earnings Miss, Revenue Beats In Q2
Investing.com – Amazon.com (NASDAQ:) delivered weaker guidance and missed earnings estimates as higher spending in second quarter dented performance.
The e-commerce and cloud company forecast net sales in the range of $66 billion and $70 billion for the third quarter. Analysts were expecting revenue of $67.27 billion, according to IBES data from Refinitiv. It guided operating income in a range of $2.1 billion to $3.1 billion, well short of estimates of $4.38 billion. Third-quarter revenue was expected to come in at range of $66-70 billion, in-line with estimates of $67.36 billion.
Amazon.com shares lost 2.11% to trade at $1,952.00 in after-hours trade following the report.
The firm reported per share of $5.22 on revenue of $63.4B. Analysts polled by Investing.com anticipated EPS of $5.56 on revenue of $62.47B. That compared to EPS of $5.07 on revenue of $52.89B in the same period a year earlier. The company had reported EPS of $7.09 on revenue of $59.7B in the previous quarter.
The miss on the bottom line comes as the company ramped up spending during the quarter, with operating expenses soaring about 21% to $60.32 billion.
Amazon Web Services (AWS), the company’s must lucrative unit, saw net sales rise to $8.4 billion in the quarter from $6.1 billion a year earlier.
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