|Amazon misses sales expectations, but maintains profit run|
Jeff Bezos' final quarter as Amazon chief executive saw the firm post sales of $113.1bn, an annual increase of 27%, but short of the $115.4bn forecast by analysts polled by FactSet. Nevertheless, profits for the three months to June 30th beat expectations at $7.8bn or $15.12 per share, up 48% from $5.2bn a year earlier and exceeding Wall Street projections of $12.28 per share. Amazon Web Services, the cloud computing division operated by Andy Jassy - Mr Bezos' successor as Amazon CEO - saw its revenue rise 37% to $14.8bn, ahead of estimates of more than $14.1bn. The company's "Other" business segment, which is primarily its advertising business, grew 87% to $7.9bn, and within its consumer business, Amazon’s revenue from fees it charges marketplace sellers totalled $25bn. Subscriptions, largely Prime memberships, brought in $7.9bn. Looking forward, the company says it expects sales of $106bn-$112bn for the current quarter and operating income of $2.5bn-$6bn.