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Amazon sales growth slows to start Jassy's tenure

07/29/2021 | 07:21pm EDT

Amazon on Thursday warned investors its sales growth would decelerate in the third quarter - as more consumers leave their homes and return to brick-and-mortar stores.

It's a slow start for new CEO Andy Jassy - who took over for Jeff Bezos earlier this month.

Last year, when consumers were at home due to the health crisis, Amazon posted record profits, drawing more than 200 million Prime loyalty subscribers, and recruiting over 500,000 workers to keep up with surging demand.

Now, the company's breakneck growth is starting to subside.

Revenue climbed 27% to $113 billion for the second quarter ended June 30, shy of analysts' estimates - according to IBES data from Refinitiv.

For the third quarter, Amazon expects sales will grow at most 16%.

Despite the sales miss - Amazon did post massive profits - up 48% to $7.8 billion, it's second-largest quarterly result ever.

Still, the top job Jassy inherited has never been bigger and more complex.

Last quarter Amazon announced a deal to buy the film studio MGM for $8.5 billion, expanding in Hollywood at the same time as it is running a grocery chain, building a healthcare business and facing scrutiny from regulators worldwide.

Shares of Amazon, which is only $170 billion away from joining the $2 trillion market cap club, were down 7% in extended trading.

ę Reuters 2021
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Financials (USD)
Sales 2021 476 B - -
Net income 2021 27 088 M - -
Net cash 2021 57 789 M - -
P/E ratio 2021 65,1x
Yield 2021 -
Capitalization 1 735 B 1 735 B -
EV / Sales 2021 3,52x
EV / Sales 2022 2,91x
Nbr of Employees 1 298 000
Free-Float 82,5%
Duration : Period :
Amazon.com, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends AMAZON.COM, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 47
Last Close Price 3 425,52 $
Average target price 4 184,10 $
Spread / Average Target 22,1%
EPS Revisions
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Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
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