BUSINESS

Amazon reports boost in quarterly profits but misses revenue estimates

Haleluya Hadero

Published Thursday, August 1, 2024 5:08PM EDT

The Amazon logo is seen, June 15, 2023, at the Vivatech show in Paris. Amazon releases results on Thursday, Feb. 1, 2024. (Michel Euler / AP Photo, File)

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Amazon has reported a boost in its quarterly profits, but the company missed revenue estimates, sending stocks lower in after-hours trading.

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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.