With another quarter of the fiscal year drawing to a close, many companies are gathering their data and preparing earnings results to close out the previous months of business. That includes technology and video game companies, and few groups are as notable in either sector as Amazon. The massive shopping and media company just released its Q2 2021 quarterly earnings results report, and despite growing net sales healthily among other stats, Amazon fell a bit short of Wall Street revenue forecasts by nearly a couple billion dollars.
Amazon released its Q2 2021 earnings results report on its investor relations website on July 29, 2021. One of the major stats of the report was net sales, which Amazon reported achieving $113.1 billion. It’s nothing to sneeze at and a 27 percent increase year-over-year in comparison to Amazon’s Q2 2020, in which net sales amounted to $88.9 billion. Nonetheless, the $113.1b in net sales fell short of Wall Street expectations for Amazon, which put a target revenue at $115 billion for Q2.
Despite the revenue miss, Amazon scored a few wins elsewhere. According to the earnings results, Amazon was able to beat earnings expectations, reporting $15.12 per share vs. a $12.22 per share expectation. In its forward-looking statements, Amazon CEO Andy Jassy also suggested that the company is looking forward to further pick-up in business and revenue as companies put more weight into cloud data solutions, such as Amazon Web Services (AWS).
"We’ve seen AWS growth reaccelerate as more companies bring forward plans to transform their businesses and move to the cloud,” said Jassy.
Amazon continues to be an absolute juggernaut of business and money in the field of technology. It’s not in any kind of trouble from the looks of things. Even so, it seems the company will be taking it on the chin this time as a result of the target misses in revenue. Be sure to stay tuned to Shacknews for further quarter-end earnings results as they come in to close out Q2 2021.