Amazon cloud computing results fail to impress, shares dive

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Amazon.com on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat Wall Street forecasts.

Shares plunged by more than 7% after-hours. Before releasing the results, Amazon had finished regular trading up 1.7% to $234.11.

Both Google-parent Alphabet and Microsoft posted big cloud computing revenue gains this month.

AWS profit margins also contracted. Amazon said they were 32.9% in the second quarter, down from 39.5% in this…



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Amazon cloud computing results fail to impress, shares dive



Amazon.com on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat Wall Street forecasts.

Shares plunged by more than 7% after-hours. Before releasing the results, Amazon had finished regular trading up 1.7% to $234.11.

Both Google-parent Alphabet and Microsoft posted big cloud computing revenue gains this month.

AWS profit margins also contracted. Amazon said they were 32.9% in the second quarter, down from 39.5% in this…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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