Amazon released quarterly results below Wall Street estimates on Thursday, pressured by intense competition from rivals like Walmart and larger investments in marketing and faster order delivery.
The company predicts it will have net sales of between $ 66 billion and $ 70 billion in the third quarter. Analysts, on average, expected the company to report expected revenue of 67.27 billion, according to data from Refinitiv.
Net sales were up about 20 percent to $ 63.40 billion in the second quarter, beating the average market estimate of $ 62.48 billion.
Amazon’s net income climbed to $ 2.63 billion, or $ 5.22 per share, for the quarter ended June 30, from $ 2.53 billion or $ 5.07 per share a year earlier.
Analysts had expected earnings of $ 5.57 per share, according to Refinitiv data.