Amazon was a big pandemic winner as lockdown-stricken consumers relied heavily on it for services such as shopping and entertainment, while its cloud offerings underpinned remote working for millions
However, the retailer, dependent on its vast network of delivery infrastructure, is facing the heat of red-hot inflation as fuel prices and labour costs surge.
To counter rising costs, Amazon said it would raise fees for its delivery and streaming service Prime in Europe by up to 43 per cent a year, following a price hike in the United States. The world’s biggest online retailer said net sales were $121.23 billion in the second quarter, compared with analysts’ expectations of $119.09 billion, according to IBES data from Refinitiv.
It projected net sales of between $125 billion and $130 billion for the third quarter. Analysts were expecting $126.42 billion, according to IBES data from Refinitiv. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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