Amazon Misses Profit Estimates, Touts Prime Sub Growth
The company said operating expenses grew 21 percent to $60.3 billion as it invested about $800 million in one-day delivery.
Amazon on Thursday beat quarterly revenue estimates as it grew its subscription business, which includes movies and TV shows, by 37 percent in the second quarter, but the giant online retailer fell shy of Wall Street's profit predictions.
Shares of Amazon fell 1 percent during the regular session Thursday but were off an additional 2 percent after the closing bell.
In its earnings release, the company boasted of 47 Emmy nominations for its original programming, more than twice what it garnered a year earlier, including 20 noms for The Marvelous Mrs. Maisel and 11 for Fleabag.
Amazon said it will debut The Boys, from creators Evan Goldberg and Seth Rogen, on Friday and Carnival Row, starring Orlando Bloom and Cara Delevingne, on Aug. 30.
While Amazon doesn't disclose viewership statistics, an eMarketer study this month says the service will attract 96.5 million U.S. viewers this year, growing to 117.5 million in 2023.
During the most recent quarter, Amazon launched its Prime Video subscription service in the United Arab Emirates.
Prime also includes free delivery of goods purchased, and the company said operating expenses grew 21 percent to $60.3 billion as it invested about $800 million in one-day delivery.
Amazon reported sales of $63.4 billion, while analysts had forecast $62.5 billion. It recorded net income of $5.22 per share, but analysts were looking for about $5.57.
Amazon also said it will hire almost 12,000 new employees in Europe this year, which will give it 95,000 workers there, and it has pledged to "upskill" 100,000 U.S. employees by spending $700 million for training.