Friday, July 26, 2019

Amazon’s profit, forecast fall short on big spending cycle

The Seattle Times Inc. projected operating income that fell short of analysts’ estimates, worrying investors that it’s returning to a big spending cycle to fuel faster deliveries in the face of greater competition.

The company reported second-quarter revenue increased 20% to $63.4 billion, Amazon said Thursday in a statement. Analysts, on average, estimated $62.5 billion, according to data compiled by Bloomberg.

The Seattle-based e-commerce company also said operating income in the current quarter will be $2.1 billion to $3.1 billion, well shy of analyst estimates of $4.34 billion. . . . more