Amazon’s revenues continued to climb this year in the second quarter, but not quite at the rate the company or analysts expected.
The company said Thursday that net sales in the April-June quarter climbed to $113.1 billion, up 27% from $88.9 billion in the same period last year. That missed forecasts of roughly $115 billion in sales from analysts, but landed comfortably within the range of $110 billion and $116 billion, which Amazon predicted for its second quarter in April. Still, earnings per share rose to $15.12 per share, up 46.8% from $10.30 a year earlier. That beat forecasts of $12.22 in earnings per share, according to a Yahoo Finance survey of analysts.
The results follow record sales in the first quarter of 2021, when retailers normally expect to see a slump in sales after the holidays. In April, the company said it would move its annual Prime Day shopping holiday to the second quarter, rather than its usual timing in July. The event was eventually scheduled for June 21-22, the earliest it’s been held.
In the same quarter last year, Amazon blasted past analysts’ predictions, posting record profits even after telling investors it would spend billions to deal with the effects of Covid-19. Amazon also dealt with major obstacles in its logistics chain that led to delivery delays, as well as high turnover in warehouses, where some workers staged walkouts in protest of Amazon’s handling of safety.