The value of the company’s shares started to decline as net sales fell below several forecasts.
Ecommerce giant Amazon improved its earnings in April-June by nearly 50 percent compared to the same period last year. The company’s result for the last quarter was approximately $ 7.8 billion.
Despite earnings news, the value of Amazon shares fell in the aftermarket as the company’s revenue fell below several forecasts. Net sales increased 27 percent to $ 113.1 billion.
The company CFO Brian Olsavsky according to the under-forecast turnover is apparently due to coroner vaccinations, which have given people the confidence to operate again in the real world instead of online platforms.
According to Olsavsky, among other things, people nowadays do more shopping in regular stores. In addition, he estimates that other hobbies have taken time away from shopping, which he considers a good phenomenon.
The e-commerce giant got a new CEO the company’s founder earlier this month Jeff Bezosin resigned as CEO and became Chairman of the Board. The billionaire was replaced by a CEO who came to the house in the late 1990s Andy Jassy.
Amazon is the latest technology giant to report on its April-June results. In the past, rivals Facebook, Apple, Microsoft and Google’s parent company Alphabet said their earnings and revenue increased.
Large technology companies have further taken over the sector with the increase in the corona pandemic, including teleworking, online shopping and various forms of digital communication.
As their influence grows, companies have also recently become the focus of antitrust law enforcement authorities.
Amazon has also been criticized for treating its employees. Trade unions and political leaders have argued that Amazon workers are under constant pressure and under surveillance, in addition to criticizing the safety of working conditions, among other things.
Originally an online bookstore, the company has since become a global technology and e-commerce giant. According to the news agency AFP, the company has a total of about 1.3 million employees.