Amazon misses second-quarter profit estimates

ReutersJul 26, 2019 02:09:36 IST

(Reuters) - Amazon.com Inc fell short of second-quarter profit estimates on Thursday as the world's biggest online retailer faces fierce competition from Walmart and other e-commerce players globally and invested more in marketing and faster delivery.

The company forecast net sales in the range of $66 billion and $70 billion for the third quarter. Analysts were expecting revenue of $67.27 billion, according to IBES data from Refinitiv.

Net sales rose about 20% to $63.40 billion in the second quarter, beating estimates of $62.48 billion.

Amazon's net income rose to $2.63 billion, or $5.22 per share, in the quarter ended June 30, from $2.53 billion, or $5.07 per share, a year earlier.

Analysts were expecting a profit of $5.57 per share, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Anil D'Silva)

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