Amazon Reveals Lower Revenue Forecast, Citing Olympics and News Distractions

Benzinga 2024-08-02

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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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