Amazon’s Jeff Bezos hails Prime scheme despite missing profit forecasts

World .
Amazon’s Jeff Bezos hails Prime scheme despite missing profit forecasts

Amazon’s revenue has risen in the last three months as chief executive Jeff Bezos hailed the success of its Prime scheme, despite profits missing forecasts. The online retail giant said its net sales for the second quarter ending June 30 were $63.4 billion (£50.9 billion), up 20 per cent from the $52.9 billion (£42.5 billion) reported this time last year.

Meanwhile, second-quarter net income came in at $2.6 billion (£2.09 billion), equating to $5.22 (£4.19) per share, which was above $5.07 (£4.07) this time the last year but lower than analyst estimates of $5.57 (£4.48) per share. “Customers are responding to Prime’s move to one-day delivery – we’ve received a lot of positive feedback and seen accelerating sales growth,” Bezos said. “Free one-day delivery is now available to Prime members on more than 10 million items, and we’re just getting started.”

Amazon said Prime Day was “the largest shopping event in Amazon history with more than one million deals exclusively for Prime members”. Over the two days of Prime Day, on July 15 and 16, sales surpassed the previous Black Friday and Cyber Monday sales combined.

https://www.retailgazette.co.uk/blog/2019/07/amazon-sales-reach-50bn-jeff-bezos-hails-prime-scheme/

 

Hoity Toity