Amazon Pandemic Bump Fades as Vaccinated Shoppers Leave Home

Tepid sales forecast overshadows profits from cloud, ad units
CFO says return to pre-pandemic activity is ‘good phenomenon’

Amazon.com Inc.’s second-quarter sales and forecast for the current period fell short of analysts’ expectations, suggesting the biggest online retailer’s rapid growth through the pandemic is waning as people revert to old shopping habits. Shares fell more than 6% in extended trading. Bloomberg’s Kriti Gupta reports on “What’d You Miss?”Source: Bloomberg)

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By Spencer Soper

July 29, 2021 at 4:18 PM EDT

Updated on

July 30, 2021 at 9:39 AM EDT

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Amazon.com Inc. emerged as the essential store for homebound shoppers during the coronavirus pandemic, propelling its sales and profits to new highs. Now, the rush online is slowing down as vaccinated consumers peel away from computers and smartphones and revert to old habits like traveling and dining out.

The world’s biggest e-commerce retailer on Thursday reported sales and gave a forecast that fell short of expectations. The shares declined 8% at 9:34 a.m., for the biggest drop since May 1, 2020. This was the first time Amazon missed quarterly sales estimates since 2018.

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