Business & Investment

Amazon offers a mixed bag of second quarter results

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New York — Amazon on July 29 had mixed second-quarter results, below Wall Street earnings expectations, but above profits.

For the three months ending June 30, the Seattle-based company reported a profit of $ 7.78 billion ($ 15.12 per share) compared to $ 5.24 billion ($ 10.30) in the year-ago quarter. .. Revenue increased 27% to $ 113.08 billion.

Analysts surveyed by FactSet expect quarterly earnings to average $ 115.42 billion and earnings per share of $ 12.28. Inc. shares fell more than 6% in aftermarket transactions.

Amazon is one of the few retailers that thrived during the pandemic. People trapped in their homes turned to Amazon to buy groceries, cleaning supplies, and more, as physical stores selling essentials such as clothing were temporarily closed. But the latest quarter shows that Amazon’s top line has been challenged a bit.

In addition to online shopping, Amazon’s other businesses have expanded. Sales in the cloud computing business, which enhances online operations for Netflix, McDonald’s and other companies, increased 37% in the quarter. Also, in units that include an advertising business, sales increased 87%, while the brand paid to display the product first when shoppers searched the site.

Founder Jeff Bezos became CEO in the last quarter of the company. He resigned in early July and became chairman. Andrew Jassie, who headed Amazon Web Services, a cloud computing unit, succeeded him.

Amazon’s growth is achieved by facing activities from within our employees. Alabama warehouse workers sought to form a union, saying they wanted better salaries and more breaks. But the majority of voters have defeated that effort.

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Amazon offers a mixed bag of second quarter results Amazon offers a mixed bag of second quarter results

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