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Monday, February 26, 2024
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Amazon Reports $113B Quarter, Misses Estimates

  • Amazon failed to meet expectations with its latest earnings report.
  • The tech giant generated $113.1 billion in Q2.
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Amazon, USA TODAY Sports/Design: Alex Brooks

Amazon failed to meet expectations with its latest earnings report on Thursday.

The tech giant generated $113.1 billion in revenue during Q2 2021, but missed Wall Street analyst estimates of $115.2 billion.

It was Amazon’s third $100 billion quarter in a row and Jeff Bezos’ last as CEO.

Amazon — the fifth-most valuable company in the world with a market cap of $1.81 trillion — is leaning into sports to keep its more than 200 million Prime subscribers engaged.

  • It secured its first exclusive NFL deal in March to broadcast “Thursday Night Football” at $1 billion per season.
  • It struck a deal with the WNBA in May for streaming rights to 16 games per season.
  • It’s splitting Ligue 1 media rights with France’s Canal+ as part of a three-year, $802 million agreement.

Amazon also taps into fitness and gaming.

The company is an investor in at-home fitness startup Tonal, which raised $250 million at a $1.6 billion valuation in March.

Its new game, “New World,” saw more than 200,000 players participate in its beta, a substantial increase from its now-canceled “Crucible” title, which peaked at 25,000 users.

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