Amazon reports $2B net loss in Q2

Amazon reported a $2 billion net loss in the second quarter ending June 30, a blow to the company that reported net income of $7.8 billion in the same period last year.

Andy Jassy, CEO of Amazon, blamed inflation among other issues for the disappointing quarter.

"Despite continued inflationary pressures in fuel, energy, and transportation costs, we're making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network," Mr. Jassy said.

The announcement comes on the heels of Amazon's plans to purchase One Medical for $3.9 billion last week.

Amazon Web Services, the company's cloud business, inked big deals in the healthcare space earlier this year, with major health systems planning to transition their EHR and digital applications to the AWS cloud. Danville, Pa.-based Geisinger selected AWS as a strategic cloud partner with plans to migrate more than 400 applications and workflows to the cloud to save millions, and Boston-based Tufts Medicine also plans to migrate its EHR to the AWS cloud.

AWS net sales jumped from $14.8 billion in the second quarter of 2021 to $19.7 billion for the quarter this year. For the first half of the year, AWS net sales increased by $10 billion to $38.2 billion. However, even AWS reported a net loss of $5.8 billion for the first half of the year so far.

 

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