Amazon Second Quarter Results and Market Reaction
- Stock Decline:
- Shares of Amazon $AMZN fell 6% after reporting disappointing second-quarter earnings that missed expectations by $0.58 billion.
- Amazon Web Services (AWS):
- AWS slightly beat expectations with revenue of $26.3 billion.
- Advertising Revenue:
- Advertising revenue fell short of expectations, contributing to the negative market reaction.
- New Discount Store:
- Amazon $AMZN plans to launch a discount store with unbranded goods under $20 to meet growing demand for cheaper goods.
Overall Net Profit:
- Despite weaker revenue in several segments, Amazon $AMZN 's overall net profit doubled to $13.5 billion.
The reaction was probably proportional to what the results were, but today the negative reaction is doubling :) It's not an open market yet, but still.