Amazon reported its first revenue miss in three years, despite an earnings beat for the quarter.
The e-commerce behemoth’s adjusted earnings for the second quarter came in at $15.12, exceeding analysts’ expectations of $12.30 per share.
Revenue grew +27% from the year-ago quarter to $113.08 billion; but it fell short of analysts’ estimate of $115.2 billion . Amazon CFO Brian Olsavsky cited tough year-over-year comparisons --in mid-May of last year, Amazon’s growth rates surged to between 35% to 45%, he said.
Looking ahead, Amazon expects sales to range between $106 billion and $112 billion for the third quarter, implying year-over-year growth of 10% to 16%. That’s well below analysts’ projection of $119.2 billion.
The company is predicting third quarter operating profit in the range of $2.5 billion and $6 billion.