Amazon company
Amazon.com expected on Thursday that sales for the current quarter will be lower than Wall Street estimates, amid a reluctance from customers to spend non-core in light of economic uncertainty, as well as fierce competition for its cloud computing activities.
The company’s sales in North America, its largest market, increased 8 percent, while operating expenses rose 16 percent to $ 71 billion, resulting in an operating loss of $ 1.6 billion per unit in the first quarter of the year.
Revenue for the Amazon Web Services unit rose 37 percent to $18.4 billion, slightly more than analysts’ estimates.
The world’s largest online retailer forecast net sales of between $116 billion and $121 billion in the second quarter.
Analysts had expected $125.48 billion, according to IBES data from Refinitiv.