Amazon’s stock dropped as much as 5% after the company issued its second-quarter earnings Thursday, revealing net sales did not meet analyst expectations alongside a conservative revenue forecast.
Amazon's stock closed down more than 1% Thursday. (Photo by SEBASTIEN BOZON / AFP) (Photo by ... [+]
Amazon reported $147.98 billion in revenue, performing under analysts expectations of $148.7 billion—though the company managed to beat earnings per share expectations by 23 cents ($1.26 per share).
Amazon shares closed down more than 1.5% at $184.07 before dropping more than 5% in extended trading.
The e-commerce giant said net sales are expected to generate between $154 billion and $158.5 billion in the third quarter, citing the anticipation of an “unfavorable impact of approximately 90 basis points from foreign exchange rates.”
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We estimate Bezos’ net worth at $201.6 billion, making him the second-wealthiest person in the world behind Tesla chief Elon Musk.
Amazon’s stock started the year at $149.93 per share and is now up more than 20% since January. The company reached a $2 trillion market capitalization for the first time ever last month thanks to a large tech rally fueled by an artificial intelligence boom. Amazon also notched its most profitable first quarter ever this year, with net income reaching $10.4 billion compared to a $3.8 billion loss in the same period the year before.
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