Amazon crushed Wall Street expectations in the last quarter, surpassing Walmart in revenues for the first time. Investors, however, were disappointed by the earnings report’s lackluster forward guidance.
The online retail king reported revenues of $187.8 billion, slightly higher than the consensus forecast of $187.3 billion.
Earnings also exceeded expectations, reaching $1.86 per diluted share compared to the market estimate of $1.49 per share.
Growth Amazon’s cloud business—Amazon Web Services (AWS)—came in at 19 percent, roughly in line with the previous quarter’s growth rate. Cloud revenues were $28.79 billion, slightly below market forecasts.
“When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS,” said Andy Jassy, the president and CEO of Amazon, in a statement….