Amazon Profits Up, Revenue Misses Estimates

Seattle, Aug 2 (AP) Amazon reported a boost in its quarterly profits Thursday, but the company missed revenue estimates, sending stocks lower in after-hours trading.

The Seattle-based tech company said it earned USD 13.5 billion for the April-June period, higher than the USD 10.99 billion industry analysts surveyed by FactSet had anticipated. Amazon earned USD 6.7 billion during the same period last year.

Earnings per share for the second quarter came out to USD 1.26, higher than analysts expectations of USD 1.03.

Overall, the company posted revenue of USD 148 billion, a 10 per cent increase that fell slightly below analyst expectations of USD 148.67 billion.

Sales for Amazon Web Services, the company's prominent cloud computing unit, saw a 19 per cent jump compared to the same period last year.

Meanwhile, revenue for the company's core e-commerce business grew by 5 per cent. Sales from its advertising business - which mostly comes from ad listings on its online platform - jumped by 20 per cent.

Amazon's results follow other earning reports this week from tech giants such as Microsoft, Meta and Google's corporate parent, Alphabet Inc.