NEW YORK (AP) — Amazon is reporting that second quarter profits are below Wall Street estimates as increasing competition for faster delivery is putting pressure on the online leader’s business.
The Seattle-based company says profits for the three-month period ended June 30 was $2.62 billion, or $5.22 per share. That compares with $2.53 billion, or $5.07 per share, in the year ago quarter.
Analysts had expected earnings per share of $5.56 per share, according to FactSet.
The company said net sales rose 20% to $63.4 billion. That’s higher than the $62.5 billion forecast by analysts.
Amazon offered revenue outlook for the current quarter in line with analysts’ expectations.
The report comes as Amazon, along with Facebook, Google and Apple, is caught up in the swirl of investigations into Big Tech’s market dominance.