Amazon’s Prime Day may have boosted the company’s second quarter sales, but the event wasn’t enough to keep its earnings on track.
The online giant’s net income for the second quarter, ended June 30, was $197 million, or $0.40 per diluted share, compared with net income of $857 million, or $1.78 per diluted share, in second quarter 2016. Earnings also drastically missed analyst expectations of $1.42 per share, according to consensus estimates from Thomson Reuters.
Net sales climbed 25% to $38.0 billion, compared with $30.4 billion in the second quarter of 2016. Excluding the $502 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 26% compared with second quarter 2016.
