Amazon is reporting that second quarter profits are below Wall Street estimates as increasing competition for faster delivery is putting pressure on the online leader’s business.
The Seattle-based company says profits for the three-month period ended June 30 was $2.62 billion, or $5.22 per share. That compares with $2.53 billion, or $5.07 per share, in the year ago quarter.
The company said net sales rose 20% to $63.4 billion. That’s higher than the $62.5 billion forecast by analysts.The report comes as Amazon, along with Facebook, Google and Apple, is caught up in the swirl of investigations into Big Tech’s market dominance.
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