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Amazon Maintains Profit Run, but Sales Miss Expectations in Pandemic First

Amazon posted strong financial results that nevertheless fell below expectations, the first sign that its streak of dominant results may be slowing

7/29/2021 11:40:00 PM

Amazon posted strong financial results that nevertheless fell below expectations, the first sign that its streak of dominant results may be slowing

The e-commerce giant’s second-quarter sales of $113.1 billion were slightly less than analysts expected, breaking from a pattern set during the pandemic.

Updated July 29, 2021 4:16 pm ETAmazon . com Inc. posted strong financial results that nevertheless fell below Wall Street expectations, the first sign that its streak of dominant financial results in the pandemic may be slowing.Amazon reported second-quarter sales of $113.1 billion, slightly less than the $115.4 billion predicted by analysts polled by FactSet. Profit was $7.8 billion. The company said it expects sales of $106 billion to $112 billion for the current quarter and operating income between $2.5 billion and $6 billion.

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Amazon shares declined about 4% in after-hour trading Thursday.The e-commerce giant’s success in the pandemic comes as U.S. consumers increasingly meet their shopping, entertainment and work needs online, adding to the power of the world’s largest technology companies.

Using its size and leverage, Amazon this year has looked to increase its foothold in non-retail industries, even as federal regulators circle the Seattle-based company and scrutinize its growth and business plans. Read more: The Wall Street Journal »

Gavin Newsom holds onto his job as California governor, CNN projects

California's Democratic Gov. Gavin Newsom has defeated the effort to remove him from office, according to a projection from the CNN Decision Desk, capping off a recall effort that was born in partisan anger over his pandemic response but ended with a vote of confidence in his strategy to combat it.

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Amazon Misses on Q2 Revenue, Profit Jumps 50% to Beat Earnings EstimatesAmazon grew total sales in the second quarter of 2021 by 27% to $113.1 billion — a record for Q2 — but that was lighter than investors had expected, given in part that Prime Day shoppin…

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