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.