Amazon, the American e-commerce stalwart, witnessed its Q2 net sales shoot up by 27 per cent to US $ 113.1 billion. It was US $ 88.9 billion in the same period last year.
The impressive numbers helped grow the online giant’s net income to US $ 7.8 billion in the quarter that ended 30 June 2021.
However, as the world is slowly returning to normalcy, Amazon’s pandemic-induced sales growth is slowing down considerably.
The e-commerce firm said that despite better-than-expected profits in Q2, sales performance was below the expectations.
The slowdown in sales, experts believe, shows that people in the US and Europe are more mobile now and are prioritising several other activities over online shopping.
Notably, excluding the annual Prime Day event, which was held in June this year, Amazon’s year-over-year percentage growth rate has slumped into the mid-teens.
Consequently, the online firm has now forecast a revenue growth of 10 to 16 per cent for the current quarter.
It will be interesting to see how the third quarter turns out for Amazon as more and more people are getting vaccinated.
The second quarter was also Amazon’s last with founder Jeff Bezos as CEO. He has been succeeded by Andrew Jassy.
The American e-commerce bigwig was founded in 1994 by Jeff Bezos and generated US $ 386.064 billion in 2020.
