- Amazon reported second-quarter earnings on Thursday.
- The tech giant missed revenue estimates as it flagged shoppers looking for bargains.
- Amazon’s stock fell more than 7% in volatile after-hours trading.
Amazon reported second-quarter earnings Thursday, flagging that shoppers are being more careful with their spending, trading down to lower-priced items when possible.
It also said it would be doing plenty of its own spending as it builds out its AI capabilities.
The company reported net sales for the period of $147.98 billion, missing the consensus analyst estimate of $148.78 billion. Its third-quarter sales forecast also came in below the average forecast, while expected operating income for the period was a miss.
Amazon’s stock slid more than 7% in volatile after-hours trading in the wake of the results. Still, the stock is up around 20% year-to-date.