Tech giants crush profit records in Q2

NEW DELHI: Amazon was the last of the big five US tech companies to report its earnings for the three months ended June 2021.

And, like the other four GAFAM companies before it, Amazon reported another record-breaking quarter, despite falling just short of Wall Street expectation in terms of sales and Q3 guidance.

The e-commerce behemoth saw net sales grow 27 per cent to $113 billion in the past three months, partly offsetting a slowdown in its core e-commerce business with strong growth in its cloud and advertising segments.

While CFO Brian Olsavsky was quick to point out that the slowdown in year-over-year growth was mostly due to unusually strong results caused by lockdowns in Q2 2020, Amazon’s shares still tumbled following the announcement.