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 $13.5 billion for the April-June period, higher than the $10.99 billion industry analysts surveyed by FactSet had anticipated. Amazon earned $6.7 billion during the same period last year.
Earnings per share for the second quarter came out to $1.26, higher than analysts expectations of $1.03.
Overall, the company posted revenue of $148 billion, a 10% increase that fell slightly below analyst expectations of $148.67 billion.
Sales for Amazon Web Services, the company’s prominent cloud computing unit, saw a 19% jump compared to the same period last year.
Meanwhile, revenue for the company’s core e-commerce business grew by 5%. Sales from its advertising business – which mostly comes from ad listings on its online platform – jumped by 20%.
Amazon’s results follow other earning reports this week from tech giants such as Microsoft, Meta and Google’s corporate parent, Alphabet Inc.
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