Amazon projects quarterly revenue below estimates, shares slide

Quick Summary:

:Amazon.com forecast current quarter sales below estimates, and shares fell sharply after hours even though second-quarter profit beat Wall Street estimates.

Amazon shares had gained 23 per cent this year through the regular close on Thursday.

Sticky inflation and high borrowing costs are prompting companies to reconsider any lavish investments into artificial intelligence technology, holding back cloud providers from matching Wall Street's lofty expectations.

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Article Details

Category: EconomyBusiness

Markets: SingaporeFrance

Topics: Amazon Billion Cent Shares Quarter Estimates Revenue Wall Street Cloud Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 04:06:54 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 260 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 21889302

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 80 posts per day

Year Established: 1999

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News Last Updated: 57 minutes ago

Coverage Areas: Singapore

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Publisher ID: #27

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