Amazon reports boost in quarterly profits but misses revenue estimates

The Amazon logo is seen, June 15, 2023, at the Vivatech show in Paris. Amazon releases results on Thursday, Feb. 1, 2024. (Michel Euler / AP Photo, File)

Amazon has reported a boost in its quarterly profits, but the company missed revenue estimates, sending stocks lower in after-hours trading.

The Seattle-based tech company said on Thursday it earned US$13.5 billion for the April-June period, higher than the US$10.99 billion industry analysts surveyed by FactSet had anticipated. But the company posted a revenue of US$148 billion, which slightly missed estimates by analysts who expected US$148.67 billion.

Sales for Amazon Web Services, the company’s prominent cloud computing unit, saw a 19 per cent jump in revenue compared to the same period last year. Meanwhile, revenue for the company’s core e-commerce business grew by 5 per cent.