Stock Slips Slightly as Amazon Beats Revenue but Misses Earnings

Thanks for subscribing!

Amazon reported its second quarter earnings this afternoon.

The company posted revenue of $38 billion, up 25% and beating expectations of $37 billion. However, profit was only about $197 million—less than one-third of what was anticipated—causing the stock to dip slightly in after-hours trading.

“Our teams remain heads-down and focused on customers,” said Jeff Bezos, Amazon’s CEO, who cited a long list of recent accomplishments for the company, including: expanding Fresh and Prime to multiple new regions, hiring 30,000 employees, and hosting its largest Prime day ever.

Last month, Amazon acquired Whole Foods for $14 billion, highlighting its desire to tackle the grocery market and the physical retail arena.

“It’s energizing to invent on behalf of customers,” Bezos said, “and we continue to see many high-quality opportunities to invest.”

Thanks for subscribing!

Thanks for subscribing!