Amazon Drops on Weak Revenue, Guidance

NEW YORK ( TheStreet) -- Amazon ( AMZN) shares fell 2.45% to $295.97 following second-quarter earnings that missed estimates sharply.

The Seattle-based retailer lost 2 cents a share on $15.7 billion in revenue during the quarter. Analysts polled by Thomson Reuters were looking for earnings of 5 cents a share on $15.73 billion in revenue.

The company ended the quarter with $3.7 billion in cash at the end of the quarter.

For the third quarter, Amazon expects revenue to be between $15.45 billion and $17.15 billion, growing between 12% and 24% year over year. The company expects to have an operating loss between $440 million and $65 million, compared to $28 million in third quarter 2012.

The company will hold a conference call at 5 P.M. EDT to discuss the results.

Shares of Amazon rose during the regular session, gaining 1.49% to close at $303.40.

-- Written by Chris Ciaccia in New York

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