Amazon's latest financial figures have left a bittersweet taste among investors and analysts.Although the company managed to beat market estimates in revenue and profit, the stock market reaction has been significantly negative, due to less ambitious growth forecasts than expected.
The e-commerce giant closed the second quarter with better-than-expected results., both in net profit and revenue, driven primarily by its North American business and international sales. However, Expectations for the next quarter have not met analysts' hopes, raising concerns about the company's immediate future.
Robust revenues, but caution on the horizon
Amazon reported that a net profit of $18.164 billion and revenue of $167.700 billion, which represents a increase of 17% compared to the previous period. Earnings per share were $1,68, also above expectations. North America and international markets showed solid growth, with increases of 11% and 16% respectively.
One of the sections that has received the most attention has been Amazon Web Services (AWS), which recorded revenues of $30.900 billion, advancing by 17,5% and exceeded expectations, although it failed to match the momentum of its main rivals. In terms of advertising, Amazon also managed to exceed expectations, reaching $15.700 billion.
The cloud and artificial intelligence in the spotlight
AWS performance has been the subject of analysis, as its growth rate lagged far behind that of Microsoft and Google's cloud services, which registered increases of 39% and 32% respectively. This difference has raised doubts about Amazon's ability to maintain its leadership in an environment marked by fierce competition and the revolution driven by artificial intelligence.
Experts point out that AWS continues to be a key driver of Amazon's profits, representing nearly 60% of operating revenue. However, the costs associated with investments in artificial intelligence and data centers are beginning to be reflected in diminishing margins, which have reached their lowest level since the end of 2023.
Forecasts that cool optimism
For the next quarter, Amazon forecasts net revenue between $174.000 billion and $179.500 billion, with expected growth of between 10% and 13%. However, the estimated range for operating profit, from 15.500 to 20.500 billion, has been perceived as insufficient by analysts, who expected a minimum of 19.480 billion at the low end.
Shares reacted with falls of more than 6% in the premarket and continued to fall during the session, due to the feeling that the company may be losing steam against competitors in the cloud market. Adding to this concern is the intense competition in the technology sector and the pressure to transform high AI spending into tangible benefits in the short term.
External factors and market perception
The global context is not exempt from uncertainties either. Investors are closely watching the potential impact of new trade tariffs., especially given the tensions between the United States and China. While Amazon claims its retail operations have held up well for now, the company admits it doesn't know to what extent these factors will influence the coming months.
In terms of stock market valuation, Amazon continues to trade at a significant premium to other industry giants, but The recent fall in its shares reflects the change in sentiment in the marketsThe question that looms is whether the company will be able to regain the initiative and dispel the doubts that have arisen after its forecasts.
Despite the current good numbers, the main concern of analysts and investors is the Amazon's ability to continue leading cloud computing and transform the large investment in artificial intelligence into a return that justifies confidence in the company.
