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Amazon’s second-quarter report fell well short of Wall Street’s expectations.
The company’s earnings missed analysts’ forecasts by more than a dollar a share. It also offered a disappointing outlook for the third quarter.
Investors sold the stock on the news. In recent trading after the bell, Amazon’s stock was down $29 a share, or nearly 3%, to $1,017.00.
The company reported on Thursday:
- EPS (GAAP) of 40 cents a share. Wall Street was expecting $1.42 a share, according to Bloomberg. In the year-ago period, Amazon earned $1.78 a share.
- Revenues of $38 billion. Analysts were expecting $37.2 billion. Amazon posted sales of $30.4 billion in the second quarter last year.
- Guidance: For the third quarter, Amazon expects to post revenue of between $39.25 billion and $41.75 billion. It expects its operating results to range from an operating loss of $400 million to an operating profit of $300 million. Assuming the company’s nonoperating income and expenses stay about the same — and depending on its allocation for taxes — that…