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Amazon posts second quarterly loss in a row

Amazon has posted a second quarterly loss in a row although its sales beat expectations in the period. In the three months to 30 June, the… View Article

GENERAL MERCHANDISE NEWS

Amazon posts second quarterly loss in a row

Amazon has posted a second quarterly loss in a row although its sales beat expectations in the period.

In the three months to 30 June, the online retail giant reported a net loss of $2 billion compared to a profit of $7.8 billion in the corresponding period in 2021.

This follows a $3.8 billion loss in the previous quarter.

Its second quarter figures also reveal that Amazon’s net sales increased by 7% to $121.2 billion from $113.1 billion a year earlier.

Andy Jassy, Amazon chief executive, said: “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfilment network.

“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series The Lord of the Rings: The Rings of Power on 2 September.”

Amazon is expecting third quarter net sales to come in at between $125 billion and $130 billion, or to grow between 13% and 17%, compared with the third quarter of 2021.

 

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