Amazon experienced its largest loss in over two years on Friday as the online retail giant fell short of Wall Street’s sales targets and provided a cautious forecast for the current quarter.
Based in Seattle, Amazon reported second-quarter revenue of $148 billion, slightly below analysts’ expectations. For the quarter ending Sept. 30, Amazon anticipates sales to range from $154 billion to $158.5 billion, with the midpoint falling below analysts’ $158.2 billion projection.
Chief Financial Officer Brian Olsavsky attributed the revenue shortfall in North America to customers remaining cautious with their spending and opting for more affordable products.
Revenue from Amazon’s primary e-commerce business grew by 5%, a slower pace compared to previous quarters.
