In early after-hours trade the stock is down another $9.30 (-5.05%) at $174.77. That's on top of the regular session loss of $2.91 (-1.56%).
First up, from GeekWire, August 1, 2024 at 1:21 pm PDT:
Amazon’s sales miss expectations but profits nearly double in Q2 results
Amazon’s sales fell short of Wall Street’s estimates but profits exceeded expectations in the company’s second quarter results, released Thursday afternoon for the three months ended June 30, 2024.
The tech giant reported a 10% increase in second-quarter revenue, to $147.98 billion, shy of expectations of $148.56 billion. Profits were $13.5 billion, or $1.26 per share, nearly double Amazon’s profits in the same quarter a year ago, and surpassing expectations of $1.03 per share.
Speaking with reporters on a conference call, Brian Olsavsky, Amazon’s chief financial officer, said average selling prices (ASP) are declining amid cautious spending by customers. Unit sales growth was strong, he said, and an increase in shipping speeds is prompting growth in purchasing of everyday essentials.
“What seeing is really around ASP, and lower ASP in products selected by customers,” Olsavsky said. “They are continuing to be cautious with their spending, trading down to lower ASP products. And even on the higher ticket items … there’s certainly a drop off from probably more of a steady-state, thriving economy.”
In addition, Olsavsky said Amazon experienced a $1 billion headwind from foreign exchange rates, which was about $300 million higher than the company expected.
Highlights from the company’s business segments:
- Amazon Web Services revenue was $26.3 billion, up 18.7%, with operating profits of $9.4 billion.....
....MUCH MORE
Amazon.com Announces Second Quarter Results
And more tomorrow.
