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Amazon shares fall after disappointing results

Posted on by darion

Top line

Amazon shares fell 5% after the company reported its second-quarter results on Thursday, with net sales missing analysts’ expectations and a cautious revenue forecast.

Key facts

Amazon reported revenue of $147.98 billion, missing analysts’ expectations of $148.7 billion. Still, the company beat earnings per share expectations by 23 cents, or $1.26 per share.

Amazon shares closed down more than 1.5% at $184.07, before falling more than 5% in the evening session.

The e-commerce giant said it expects net sales to be between $154 billion and $158.5 billion in the third quarter, citing an anticipated “unfavorable currency impact of approximately 90 basis points.”

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Forbes valuation

Bezos’ estimated net worth is $201.6 billion, making him the second-richest person in the world after Tesla CEO Elon Musk.

Key general information

Amazon shares started the year at $149.93 a share and are up more than 20% since January. The company reached a market capitalization of $2 trillion for the first time in history last month, thanks to a major tech rally fueled by the artificial intelligence boom. Amazon also reported its most profitable first quarter on record this year, with net income reaching $10.4 billion compared with a loss of $3.8 billion in the same period a year earlier.

Further reading

Amazon is now a $2 trillion company for the first time in history (Forbes)

Amazon shares near record high on profit surge (Forbes)