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Amazon reports slower growth rate

Amazon reports slower growth rate as shops open up

Amazon’s Q2 report showed revenues up 27% to USD 113bn for the second quarter from USD 88.91bn one year earlier. However, the company warned that sales will grow slower in the third quarter as the e-shopping boom is slowing down now that people slowly return to other forms of shopping also.

During the pandemic Amazon reported strong profits and said that 200 million customers subscribed to its Prime service with shows etc. The company also recruited 500,000 workers globally as demand was surging.

A slowdown was noted already in Q2 with Amazon’s North American market reporting sales increased 22% compared to 43% in the same period a year earlier. But profit was up 48% to $7.8bn, the second largest quarterly so far.

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