Amazon's Q2 Earnings Report and Forecast

Amazon reported weaker-than-expected revenue for the second quarter and issued a disappointing forecast for the current period. The company is facing challenges in its core retail business due to competition from discount sites like Temu and Shein. While online store sales grew slowly, third-party seller services revenue accelerated. AWS beat estimates, but the unit is expanding slower than competitors like Microsoft and Google. Amazon's advertising revenue grew, with most sales coming from sponsored product listings. Net income doubled due to cost-cutting efforts. Weak guidance is attributed to consumer distractions from world events like the Olympics and the attempted assassination of Donald Trump.

Amazon's First Quarter Earnings Report

Amazon reported better-than-expected earnings and revenue for the first quarter, driven by growth in advertising and cloud computing. The company's operating income soared over 200% and net income more than tripled compared to the previous year. AWS accounted for 62% of total operating profit.

Amazon Job Cuts in AWS and Technology Teams

Amazon is cutting hundreds of jobs in its cloud computing unit AWS and in its technology team for physical stores as part of a strategic shift. The company is also making cuts in AWS sales, marketing, and global service organization roles.