Amazon revenue reaches $113bn but falls just short of expectations
Image: © Mike Mareen/Stock.adobe.com
AWS continues to grow in importance as a revenue stream as its former head Andy Jassy takes over as Amazon CEO.
Amazon posted quarterly results that fell short of market expectations on revenue but surpassed on profits.
In the second quarter of the year, the e-commerce giant had revenues of $113.1bn, a 27pc increase year on year, while Wall Street had been expecting $115.1bn. Its profits came to $7.8bn or $15.12 per share, a 47pc increase, while analysts had predicted $12.22 per share.
Net sales from Amazon Web Services (AWS) totalled $14.8bn, up 37pc from last year, as revenue streams outside the company’s core e-commerce business continue to become more important. Revenue from subscription services reached $7.9bn, a 32pc increase, and ‘other’ revenue, including the company’s ad business, also hit $7.9bn, up 87pc from last year.
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Sabina Weston/Dennis Publishing
When I heard the news that Amazon had brought its till-less, cashless supermarket to London, I looked at my empty fridge and decided that it was a sign sent from the heavens, if not from Jeff Bezos himself.
A few moments later, I was greeted by a 300 ft long queue of potential Fresh customers who probably also decided to sneak out of work early to try to avoid the peak shopping hours. However, despite the length of the line being rather intimidating, it moved at a satisfactory pace and I was at the entrance in less than 10 minutes.
Dive Brief:
Just 7% of large companies have digitally savvy executive teams, according to research published Wednesday by MIT Sloan Management Review. The authors of the study define digital savviness as an understanding, developed through experience and education, of the impact that emerging technologies will have on a business s success over the next decade.
A review of nearly 2,000 companies found that organizations with digitally savvy leaders outperformed peers on revenue growth and valuation by over 48%.
CTOs and CIOs top the list of digital experts in the C-suite, with 47% of CTOs and 45% of CIOs having digital know-how. Just 23% of CEOs are considered digitally savvy.
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