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Amazon posted second-quarter net revenue of $ 113 billion, up 27% but below expectations, sounding stocks, which fell more than 7% at the end of the session.
Consumers have still shopped heavily on Amazon, but growth has been tempered as the world reopens – compared to the quarter last year when the global pandemic was at its peak.
Net income was $ 7.8 billion, or $ 15.12 per share, compared to $ 5.2 billion, or $ 10.30.
Subscription services, which include the annual and monthly fees associated with Amazon Prime subscriptions, as well as digital video, audiobooks, digital music, e-books, and other non-AWS subscription services, have increased their prices. revenues by 32% to reach $ 7.9 billion. Prime, which offers members unlimited fast delivery and Amazon Prime streaming access, is now available in 22 countries with the latest addition from Portugal. CFO Brian Olsavsky said on a call with analysts that the video “is good for the Prime program” and that Amazon is investing in rolling out the Prime Member Advantage in international markets.
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Wearing a different hat, the Amazon Web Services (AWS) cloud computing division is working with Prime Video competitors like Disney + and Netflix, along with a range of other customers, to help them grow their business.
The company’s “other” segment, which primarily includes ad service sales, jumped 83%, in line with strong digital advertising trends seen in this round at Snap, Twitter, Google and others.
The results report follows CEO Andy Jassy taking the helm of the e-commerce giant on July 5 as founder Jeff Bezos became executive chairman. Jassy was not on call, following Bezos’ tradition which usually was not either. Asked about the transition, Olsavsky said: “We had a good transfer” and noted: “Jeff is not leaving, he will continue to be very involved.” Jassy, who founded AWS, will bring his “unique brand of positive attitude and optimism” to the entire company.
The report also follows the company’s announcement of a deal to buy MGM for $ 8.45 billion to bolster its video offering and expand Amazon Prime. The FTC, with a renewed focus on antitrust, is taking a close look at the deal. The company has called on FTC chief Lina Khan, who has written in the past about Amazon’s “antitrust conundrum”, to recuse herself from the review.
Bezos praised MGM’s content library and IP when the deal was announced last May. No mention was made of it today in Amazon’s earnings press release (notoriously long documents filled with random information). MGM did not answer the call.
The Commission is also investigating Amazon for its alleged use of data from third-party sellers to develop its own Amazon-branded products to compete with them.
Some Entertainment Highlights Covered In The Revenue Report:
-Prime Video has released new Amazon Original movies for customers all over the world including Tom Clancy’s Without remorse, with Michael B. Jordan, and The war of tomorrow, starring Chris Pratt, who were both the # 1 streaming movie on their opening weekends. Prime members also enjoyed new and old Amazon Original series and specials such as THEM, Solo, The Underground Railroad, Panic, Flack, My Life by Mary J. Blige, and the First day show, as well as the seventh and final season of Bosch, the oldest Amazon Original series to date. Additionally, Prime Video has released over 20 local originals internationally, including Judgement (Brazil), Chivas: The Sacred Herd (Mexico), Clarkson’s farm (UK), The Legend of Sergio Ramos (Spain), Mixed (France), and Head above the water (Australia).
-Amazon has won 20 Emmy nominations, including Amazon Studios’ very first category nominations for a drama series (The boys) and limited series (The Underground Railroad). Amazon also received two nominations in the TV movie category (Uncle Franck and Sylvie’s love), as well as writing appointments (All in), choreography (Savage X Fenty Show Vol. 2), cinematography (Small Ax), visual effects (Vikings), interactive program (Welcome to the Blumhouse) and commercial (Alexa announcement by Michael B. Jordan).
-Prime Video announced streaming deals with sports leagues around the world including: National Football League (NFL) Thursday night football from 2022, one year earlier than previously announced; 16 Women’s National Basketball Association (WNBA) games per season and the Commissioner’s Cup championship game; the Premier League in the UK; the Premiere channel to watch football in Brazil; and over 300 Ligue 1 football matches per season in France. Prime Video also broadcast the very first French Open nightly matches and Australian swim trials around the world.
-Peacock, NBCUniversal’s streaming service, is now available on Fire TV and Fire tablets. Customers can use Alexa to start watching Peacock by saying “Alexa, open Peacock”.
-Prime Video and IMDb TV have announced an exclusive, multi-year licensing agreement with Universal Filmed Entertainment Group (UFEG). Starting in 2022, Prime Video will be an exclusive subscription video partner for UFEG’s live-action movie roster in the United States, featuring films such as Jurassic World: Dominion, The 355, and Ambulance to Prime Video shortly after its theatrical release. With the deal, IMDb TV will be the first ad-based streaming service to secure a major studio network window, which traditionally goes to broadcast or cable networks.
-IMDb TV has announced 12 original series and development projects, including a new half-hour drama by Dick Wolf, a home improvement project with Jeff Lewis, a documentary series with country superstar Luke Bryan, and a comedy-drama by Clea DuVall and Tegan and Sara Quin.
Commenting in the results release on the impact of Covid on business, Jassy noted that, “Over the past 18 months, our consumer business has been called upon to deliver an unprecedented number of articles, including PPE, food and other products that have helped communities around the world cope with the difficult circumstances of the pandemic. “
“At the same time, AWS has helped so many businesses and governments maintain business continuity, and we’ve seen AWS’s growth accelerate as more businesses come up with plans to transform their activities and migrate to the cloud, ”said Jassy.
“Thank you to all of our passionate, innovative and mission-driven employees around the world for continuing to stay focused on delivering customers. I am very happy to work with you as we invent and build for the future. “
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