Amazon Records Q2 Growth Despite Failure To Meet Estimates

Share post:

Amazon did not exceed the analyst’s estimated earnings after it reported an estimated profit increase of $113.1 billion for the second quarter.

Analysts had expected a profit of $12.2 on revenue of $115.07 billion.

While Amazon missed analysts’ financial expectations, it posted growth thanks to its cloud business AWS, which accounted for most of the company’s operating profit.

Breaking it down, AWS generated net sales of $14.81 billion and an operating income of $4.19 billion in the second quarter. Amazon’s North America segment generated $67.55 billion in net sales with $3.15 billion recorded as operating income.

Amazon’s “other” category recorded $7.91 billion, attributable to ad services, which the company said grew 87% in the second quarter.

For more information, read the original story in ZDNet.

SUBSCRIBE NOW

Related articles

Intuit lays off 1,800 people amid a shift to AI

Intuit, the company behind QuickBooks, Credit Karma, and TurboTax, is laying off 1,800 employees, which is about 10%...

VMWare revenue drops by $600 million but Broadcom assures investors growth plan is on track

In its first full quarter under Broadcom's ownership, VMware's revenue fell by $600 million, dropping to $2.7 billion....

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

 Google executives face employee concerns amid profitsurge

At a recent all-hands meeting, Google employees voiced significant concerns regarding morale, cost-cutting measures, and the impact of...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways