Amazon (AMZN) Q2 earnings report 2024 [Video]

Amazon reported weaker-than-expected revenue for the second quarter on Thursday and issued a disappointing forecast for the current period. The shares slid as much as 6% in extended trading.

Here’s how the company did:

• Earnings: $1.26 per share vs. $1.03 per share expected by LSEG
• Revenue: $147.98 billion vs. $148.56 billion expected by LSEG

Wall Street is also looking at these key numbers:

• Amazon Web Services: $26.3 billion vs. $26 billion in revenue, according to StreetAccount
• Advertising: $12.8 billion vs. $13 billion in revenue, according to StreetAccount

Amazon forecast revenue in the current quarter to be between $154 billion and $158.5 billion, representing growth of 8% to 11% year over year. The mid-point of that range, $156.25 billion, trailed the average analyst estimate of $158.24 billion, according to LSEG.

Amazon continues to reckon with sluggish growth in its core retail business, as competition heats up, largely from discount sites like Temu and Shein, which allow Chinese merchants …