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3 minutes ago
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Amazon Founder Jeff Bezos Loses $17 Billion Following Company's Mixed Q2 Earnings
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Jeff Bezos, the founder and Executive Chairman of Inc. (NASDAQ:AMZN), saw his net worth take a plunge, alongside the shares of his company, following its second quarter results last week. What Happened: The fourth-richest man in the world, with a net worth of $237 billion, according to the Bloomberg Billionaires Index, lost $17 billion last week on Friday, from $254 billion the prior day, after investors were unimpressed with the company's second-quarter earnings. The stock was down 8.27% on Friday, following the company's results, despite it beating consensus estimates on sales and earnings. Don't Miss: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — You Can Become an Investor for Just $500.25 This was largely attributed to the slowing momentum in the company's AWS cloud computing segment, which generated $10.2 billion in sales during the quarter, up 17.5% year-over-year, which fell short of consensus estimates at 20%. Amazon shares currently constitute a significant chunk of Bezos' net worth, with 884 million shares, or 8.3% of total shares outstanding, which, at the stock's current market price, is valued at $190 billion. The rest of his fortune comprises Blue Origin, his space exploration company, which, being privately held, is valued at the cost of investment. Why It Matters: According to analyst Eric Allen of Stealth, the market's reaction to the company's earnings was 'totally wrong,' since this was a capacity issue, with Amazon unable to meet the growing demand for its AWS computing resources. Amazon reported $167.7 billion in sales during the quarter, up 13% year-over-year, and ahead of consensus estimates at $161.9 billion. It posted a profit of $1.68 per share, which again beat analyst consensus estimates at $1.30. Bezos has been consistently offloading his stake in the company he founded, having sold 95 million shares in 2024 and 2025 so far, with net proceeds of $18.2 billion. Read More: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Photo courtesy: Shutterstock This article Amazon Founder Jeff Bezos Loses $17 Billion Following Company's Mixed Q2 Earnings originally appeared on Sign in to access your portfolio
Wall Street Journal
5 minutes ago
- Wall Street Journal
China's Services Sector Activity Accelerates
A private gauge of China's services sector showed activity expanded at the fastest pace in more than a year in July, as demand improved during the summer travel rush. The S&P Global China general services purchasing managers index rose to 52.6 last month from June's 50.6, according to data released Tuesday by S&P Global. A reading above 50 suggests an expansion in activity, while a reading below suggests contraction.
Yahoo
27 minutes ago
- Yahoo
Palantir smashes expectations with $1 billion Q2 revenue as CEO boasts that skeptics have been 'bent into a kind of submission'
Palantir's earnings were buoyed by its US revenue, which surged 55% from the same period last year. Alex Karp called the earnings "bombastic," saying skeptics have been "bent into a kind of submission." Palantir was awarded a 10-year, $10 billion enterprise agreement with the Army in late July. Palantir's CEO, Alex Karp, saw no reason to be humble after his company's blockbuster second-quarter earnings. "As usual, I've been cautioned to be a little modest about our bombastic numbers, but there's no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers," he said as he kicked off his part of the earnings call on Monday. He struck a similar tone in his letter to shareholders. "The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission," he wrote. The Denver-based AI software company beat analyst estimates Monday with adjusted earnings of 16 cents per share on $1 billion in revenue, topping LSEG projections of 14 cents and $940 million, respectively. The stock peaked at more than 5% in after-hours trading compared to when the market closed at 4 p.m ET. Palantir's commercial revenue in the US nearly doubled since last year's second quarter to $628 million, while government revenue climbed 53% year-over-year to $426 million, mostly thanks to a 10-year, $10 billion contract with the US Army, which consolidated 75 contracts into one. Ryan Taylor, chief revenue officer and chief legal officer, said that the US Space Force awarded the company a $218 million delivery order and raised the spending ceiling for Palantir's Maven Smart System to $795 million in preparation for "significant demand." The company also raised its full-year revenue guidance midpoint to just north of $4 billion, a nine-point increase from last quarter. Karp concluded the call with a message for investors. "Maybe stop talking to all the haters — they're suffering," he said. Palantir did not immediately respond to a request for comment. Read the original article on Business Insider Sign in to access your portfolio
