Amazon released strong Q2 earnings on July 31, 2025 with better-than-expected revenue (+13%) driven by acceleration in Advertising and Stores sales and steady AWS growth vs. Q1. Much-awaited tariff commentary was minimal, with CEO Andy Jassy noting Amazon has not seen an impact to demand or prices on the retail side of the business due to tariffs but neglected to comment on future 2H25 outlook.
Investors seemed to take some issue with Q3 operating income guidance related to AI investments, with the low-end undercutting current consensus estimates quite considerably, and the stock was down 7% after hours.
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