Amazon.com Inc fell short of second-quarter profit estimates on Thursday as the world's biggest online retailer faces fierce competition from ...
REUTERS: Amazon.com Inc on Thursday reported a profit below Wall Street's expectations and said income would slump slightly in the current quarter, as the online retailer ramps up spending to deliver goods faster and spark sales growth.
“Customers are responding to Prime’s move to one-day delivery — we’ve received a lot of positive feedback and seen accelerating sales growth,” Jeff Bezos, Amazon founder and chief executive, said in Thursday's news release. Revenue from seller services grew 23per cent to US$12.0 billion in the second quarter, while ad and other sales increased 37per cent to US$3.0 billion.
Meanwhile, Amazon's cloud unit slightly slowed it breakneck pace of growth from enterprises paying the company to store their data and handle their computing operations. Sales for Amazon Web Services rose 37per cent to US$8.4 billion in the second quarter.This was no help to Amazon in offsetting an uptick in investments that it planned for this year.
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