Amazon has reported a boost in its quarterly profits, but the company missed revenue estimates, sending stocks lower in after-hours trading.
The Seattle-based tech company said on Thursday it earned US$13.5 billion for the April-June period, higher than the US$10.99 billion industry analysts surveyed by FactSet had anticipated. But the company posted a revenue of US$148 billion, which slightly missed estimates by analysts who expected US$148.67 billion.
Sales for Amazon Web Services, the company’s prominent cloud computing unit, saw a 19 per cent jump in revenue compared to the same period last year. Meanwhile, revenue for the company’s core e-commerce business grew by 5 per cent.
