Amazon (AMZN) stock is down over 10% since it reported its second quarter (Q2) financials on Aug. 1. The dip primarily reflects the e-commerce and cloud computing giant’s lower-than-expected revenues for the quarter, and a third-quarter sales forecast that fell short of Wall Street’s projections.
During the second quarter, Amazon’s net sales increased about 10% to $148 billion. However, it fell slightly below analysts’ estimate of $148.56 billion. Moreover, the midpoint of Amazon’s Q3 sales guidance range of $154 billion to $158.5 billion was below the consensus forecast of $158.2 billion, as macroeconomic challenges continue to affect consumer spending and its growth.
