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Amazon beats quarterly sales forecast – SABC News

Amazon.com Inc beat Wall Street estimates for quarterly sales on Thursday, as it earned more revenue from its loyal subscribers and customers who use its sales and shipping services. merchandise.

Shares of the e-commerce giant rose 7% in after-bell trading.

Amazon is a big winner in the air as consumers lock in on it for services like shopping and entertainment, while its cloud offerings support remote work for millions of people.

However, the retailer, relying on a large network of equipment delivery, faces the fire of red-hot prices such as fuel prices and labor costs.

To counter rising costs, Amazon said it would raise fees for its delivery and Prime streaming service in Europe by up to 43% annually, following a price hike in the United States.

The world’s largest online retailer said sales were $121.23 billion in the second quarter, compared to analysts’ expectations of $119.09 billion, according to IBES data from Refinitiv.

It forecast sales between $125 billion and $130 billion for the third quarter. Analysts expect $126.42 billion, according to IBES data from Refinitiv.

Amazon beats quarterly sales forecast – SABC News

Source link Amazon beats quarterly sales forecast – SABC News

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