San Francisco: A weaker-than-expected result saw Amazon shares down as the retail giant reported $63.4 billion in revenue with $2.6 billion in net income for the second quarter (Q2) of 2019. A year of record profit came to an end for Amazon although the company said the net sales increased 20 per cent to $63.4 billion in the second quarter, compared with $52.9 billion in second quarter of 2018.
The Amazon Web Services (AWS) which is it's cloud-computing business accounted for $8.38 billion of revenue -- a 37 per cent growth but still less than what analysts had expected.
"Since launching in 2016, the database migration to AWS using the AWS Database Migration Service has grown to more than 150,000 databases," the company said in a statement. Net income increased to $2.6 billion in the second quarter compared with net income of $2.5 billion in the second quarter of 2018. Amazon's shares, however, dropped more than 2 per cent in after-hours trading. "Customers are responding to Prime's move to one-day delivery. We have received a lot of positive feedback and seen accelerating sales growth," said Jeff Bezos, Amazon founder and CEO.
