Amazon.com, Inc.(NASDAQ:AMZN) turns sharply lower in after hour market activity and slumped as much as 6.50% to $205 after the company reported less than estimated second quarter earnings. Moreover, the company projected much lower than estimated revenue for the third quarter.
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The company posted net income of $7 million or a penny a share, down 96% from a year ago profit of $191 million, or $0.41 a share,, missing analysts’ estimate by a penny. Revenue during the quarter came in at $12.83 billion, up 29% year over year, again missing analysts target of $12.89 billion.
For the third quarter, the company projects to generate revenue of between $12.9 billion and $14.3 billion, shy of analysts’ estimate of $14.10 billion.