Amazon Faces 'Transition Period'; Stock Down After Q2
Q2 was a “transition period” for Amazon customers home less amid fewer COVID-19 restrictions, Amazon Chief Financial Officer Brian Olsavsky told investors (See Q2 materials here.). Prime members continued to spend more at Amazon, but their “spend moderated” vs. the…
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peak of the pandemic, he said. Since May, Amazon’s year-on-year growth rate, excluding Prime Day, slowed to the mid-teens, from 35%-40% at the height of the pandemic, Olsavsky said: The Q3 guidance of 10%-16% “reflects an expected continuation of this trend.” The e-commerce company’s sales were “softer than expected” at $113 billion, Cowen analyst John Blackledge wrote investors Friday. “Higher consumer mobility” affected e-commerce demand, he said. New CEO Andy Jassy wasn't on Thursday's call. Nor was founder Jeff Bezos, who stepped down as CEO July 5 and became executive chairman. It's Bezos' regular practice to skip quarterly calls. Amazon shares closed down 7.6% to $3,327.59 on Friday.