Reported 2 months ago
Amazon reported a significant increase in quarterly profits, earning $13.5 billion in the second quarter of 2024, but missed revenue estimates of $148.67 billion, leading to a drop in stock prices. The company’s earnings per share outperformed expectations at $1.26. While the cloud services unit, AWS, saw a 19% revenue increase, overall growth in e-commerce was slower, reflecting cautious consumer spending. Amazon expects third-quarter revenues to fall short of analyst forecasts, amid ongoing cost-cutting efforts and challenges including regulatory scrutiny.
Source: YAHOO