Amazon Reveals Lower Revenue Forecast, Citing Olympics and News Distractions
Amazon reported weaker-than-expected revenue guidance for the third quarter, citing external factors like the Olympics and news events distracting consumers. The company's CFO said the Paris 2024 Olympics and the lead-up to the US presidential election in November 2024 have shifted consumer attention away from online shopping. An attempted assassination of Donald Trump at a rally last month also distracted customers right before the Republican National Convention. NBCUniversal sees over a billion dollars in Olympics ad revenue so far, with 70% from new sponsors, offsetting some impact for Amazon.
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00:00It's Benzinga, and here's what's on the block.
00:02Amazon reported weaker-than-expected revenue guidance for the third quarter, citing external
00:07factors like the Olympics and news events distracting customers.
00:11The company's CFO said the Paris 2024 Olympics and the lead-up to the U.S. presidential election
00:16in November 2024 have shifted consumer attention away from online shopping.
00:21An attempted assassination of Donald Trump at a rally last month also distracted customers
00:25right before the Republican National Convention.
00:28NBCUniversal sees over a billion dollars in Olympics ad revenue so far, with 70 percent
00:33from new sponsors offsetting some impact for Amazon.
00:36For all things money, visit Benzinga.com.