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New York Interest > Blog > Business > Amazon shares plummet on weak revenue forecast
Business

Amazon shares plummet on weak revenue forecast

NewYork Interest Team
Last updated: August 1, 2024 9:27 pm
NewYork Interest Team
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Amazon shares plummet on weak revenue forecast
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Amazon forecast current quarter sales below estimates, and shares fell sharply after hours even though second-quarter profit beat Wall Street estimates.

Amazon’s focus on successes in its AWS cloud computing did not cheer investors who sent shares of the Seattle-based company down more than 6% in extended trading.

“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued re-acceleration in AWS growth,” CEO Andy Jassy said in a release announcing the results.


Amazon packages
Amazon forecast current-quarter revenue largely below Wall Street estimates. AP

Amazon’s cloud business, Amazon Web Services (AWS), reported a 19% increase in revenue to $26.3 billion for the second quarter, surpassing market estimates of $25.95 billion.

The company expects revenue of $154.0 billion to $158.5 billion for the third quarter, compared with analysts’ average estimate of $158.24 billion, according to LSEG data.


CEO Andy Jassy
Shares of CEO Andy Jassy’s Amazon fell more than 6% in extended trading. Jordan Strauss/Invision/AP

Net sales increased 10% to $148 billion in the second quarter. Profit increased to $13.5 billion from $6.7 billion a year earlier.

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