Amazon Reports $7.8 Billion USD in Profit For Second Quarter, Misses Revenue Expectations

The company reported a 27 percent increase in sales.

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Amazon shared its mixed second-quarter financial results on Thursday, falling short of Wall Street’s revenue expectations, but turning over strong net income.

The company reported revenue of $113.1 billion USD, a 27 percent increase and a record for Q2, though still missing analyst’s expectations of $115.07 billion USD. Additionally, Amazon reported a net income of $7.8 billion USD, which equates to $15.12 USD per diluted share. That figure is a 50 percent increase from last year’s $5.2 billion USD in the same period.

Looking to third-quarter guidance, Amazon expects net sales to land between $106 billion USD and $112 billion USD, or to increase between 10 and 16 percent compared to last year’s figures. The company expects operating income to fall between $2.5 billion USD and $6.0 billion USD, compared to 2020’s $6.2 billion USD in the third quarter. The guidance predicts that income will dip below last year’s figures, as there was a surge in online orders in Q3 2020 due to the pandemic.

Shares fell more than six percent in extended training on Thursday following the report’s release, according to CNBC.

Q2 2021 marks the final full quarter of Jeff Bezos‘ tenure as CEO. On July 5, Andy Jassy, previously CEO of the Amazon Web Services division, assumed the position.

In the report, Jassy expressed gratitude to Amazon’s employees for their continued work during the pandemic, adding, “I am very excited to work with you as we invent and build for the future.”

Meanwhile, Bezos has offered to pay billions for NASA’s second Human Landing System contract.

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