Amazon Stock Tanks On Quarterly Revenue Miss: CEO Andy Jassy Now At The Helm

Amazon Stock Tanks On Quarterly Revenue Miss: CEO Andy Jassy Now At The Helm
Amazon saw second-quarter net sales of $113 billion, up 27% but below expectations, dinging the shares, which fell more than 7% in late trading.

Consumers still shopped a lot on Amazon but growth was tempered as the world reopened — compared with the year-ago quarter when the global pandemic was at its height.

Net profit came in at a strong $7.8 billion, or $15.12 a share — up from $5.2 billion or $10.30.

Subscriptions services, which includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-aws subscription services, grew revenue by 32% to $7.9 billion. Prime, which offers members unlimited fast delivery and access to Amazon Prime streaming, is now available in 22 countries with the latest addition of Portugal. CFO Brian Olsavsky said on a call with analysts that video “is good for the Prime program” and Amazon is investing in rolling out the Prime-member benefit across international markets.
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