Amazon shares slide on revenue miss, disappointing guidance for third quarter
Publishing timestamp: 2024-08-01 16:00:01
Summary
Amazon reported weaker-than-expected revenue for the second quarter and issued a disappointing forecast for the current period. The company's cloud business exceeded analyst estimates, but its advertising unit fell short. Despite this, Amazon's stock is up 21% year to date. The company continues to face challenges in its core retail business due to competition from discount sites like Temu and Shein. In the cloud business, AWS beat estimates but is growing at a slower rate than rivals Microsoft and Google. Amazon's advertising revenue jumped 20% during the quarter, falling just shy of estimates. The company attributed part of the weakness in its guidance to consumers being distracted by world events like the Olympics and the attempted assassination of Donald Trump.
Sentiment: MIXED
Tickers: SNAP, GOOGL, AMZN, MSFT, META,
Keywords: amazon.com inc, microsoft corp, alphabet inc, earnings, meta platforms inc, breaking news: technology, internet, snap inc, business news, technology, apple inc,
Source: https://www.cnbc.com/2024/08/01/amazon-amzn-q2-earnings-report-2024.html