San Francisco: Amazon said Thursday’s second-quarter profit jumped 48 percent from last year to $ 7.8 billion, but stocks in technology giants and e-commerce fell on disappointing income.
Total revenue increased by 27 percent to $ 113.1 billion, below most of Wall Street’s estimates, triggered slides around seven percent in trading after working hours.
Amazon Financial Officer Brian Olsavsky said the income revenue that the reason for the loss of expectations of income seemed to be a vaccine that gave people trust to return to action in the real world.
“Not only offline shopping but also live life and come out,” Olsavsky said.
“It takes from shopping time.
This is a good phenomenon and it’s good.” Andy Jassy, who took over as the chief executive earlier this month from Jeff Bezos, said Amazon remained focused on shipping goods and services for consumers during a pandemic.
“During the last 18 months, our consumer business has been called to provide the number of unprecedented goods, including PPE, food, and other products that help people around the world deal with difficult pandemic conditions,” Jassy said.
He added that the computing division of the Amazon AWS cloud “has helped so many businesses and the government maintain business continuity …
because more companies bring plans to change their business and move to their clouds.” The Amazon results limit a series of income from the main technology company that highlights profits and income soaring because the digital lifestyle and the work-of-home trend continues even with the end of most pandemic locking.
Rival tech Facebook, Apple, Microsoft and Google Parent Alphabet all reported higher income and profits even when they faced high supervision of antitrust regulators for their dominance that grew from their economic sectors.
Amazon has faced criticism for his work policy but argues that he pays the wage above average and invests billions for employee safety.
The more consumers turn to Amazon during pandemics for shipping goods and services, including food ingredients, and the cloud computing division also grows to help businesses and consumers remain connected.
Amazon has also expanded streaming operations of television and artificial intelligence.
Bezos resigned earlier this month from the daily operation on Amazon about 27 years after he founded the company, chose to devote more time to other projects, including his blue company that launched it briefly into space this month.
Initially online book sellers, Amazon had grown to become one of the most valuable companies in the world with operations in dozens of countries and market value of around $ 1.8 trillion and 1.3 million employees.
Amazon’s income for this quarter is around $ 2 billion below the estimated analyst on average and comes even though there are two-day events known as Prime Day aim to spur sales and draw more consumers into the main subscription plan.
Amazon quarterly profit coating but sharing slides
