Amazon Misses Second Quarter Revenue, Profits Up 50%, Beats Earnings Estimates

Amazon In the second quarter of 2021, total revenue grew 27% to $113.1 billion — a record for the second quarter — but that was less than investors had expected, in part given that Prime Day shopping promo took place during the period.

The giant internet company delivered another strong bottom line performance, by: Amazon reported net income of $7.8 billion in the second quarter, or $15.12 per diluted share. That’s about 50% more than $5.2 billion in the same period a year earlier.

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Wall Street analysts expected revenue of $115.07 billion and earnings per share of $12.22.

Amazon announced an $8.45 billion bid for MGM in May, drove the e-commerce giant’s desire to acquire the studio’s intellectual property and create new offshoots based on it. The proposed deal is pending regulatory approval.

On July 5, Amazon founder Jeff Bezos stepped down as CEO and handed over the reins to Andy Jassy, ​​formerly CEO of the fast-growing Amazon Web Services (AWS) division.

In his first note to Amazon investors as CEO, Jassy noted that the COVID pandemic of the past 18 months has forced the company’s consumer operations to “deliver an unprecedented number of items, including personal protective equipment, food and other products that feed communities around the world.” have helped around the world. coping with the difficult circumstances of the pandemic.” He also praised AWS for “helping so many businesses and governments maintain business continuity, and we’ve seen AWS’s growth accelerate again as more companies put forward plans to transform their businesses and move to the cloud.”

Last week, Bezos flew into space as a billionaire space tourist on a rocket built by his space company Blue Origin.