Amazon AMZN, -1.35% ported second-quarter earnings of $2.6 billion, or $5.22 a share, up from $5.07 a year ago but lower than analysts’ estimates. Revenue was $63.4 billion, up from $52.9 billion a year ago, with the Amazon Web Services cloud-computing business accounting for $8.38 billion of that total. Analysts on average expected Amazon to report earnings of $5.56 a share on sales of $62.52 billion, with $8.48 billion credited to AWS, according to FactSet.
Amazon reported record profit of more than $10 billion in 2018, more than three times its previous high, as previous profligate spending slowed down. In the second quarter a year ago, Amazon reported record quarterly profit, topping even high-volume holiday-shopping periods, and executives specifically cited a slowdown in spending at the time. Amazon had beaten that profit total for a new record in each of the three quarters since, until Thursday’s report broke that streak.
For the third quarter, Amazon predicted revenue of $66 billion to $70 billion, with operating profit of $2.1 billion to $3.1 billion, which would be down from $3.7 billion a year ago. The quarter began with Prime Day, Amazon’s attempt to establish a shopping holiday in the summer months that the company had already said exceeded sales from Black Friday and Cyber Monday combined.
Means boycottamazon is working! Yay!
Good. Time for fair competition. Prime day is a joke.
So the Analyst Gods got it wrong!! How awful!! Amazon make a perfectly respectable profit but, because they did not tell the Analysts first, they mark Amazon down and punish them for not giving them insider info.These Analysts need investigation. Systemic corruption abounds!!