Amazon's Q2 sales up 25% to $38bn

Amazon's earnings miss means Jeff Bezos is no longer world's richest person

Meanwhile, the company's emerging media services business (which includes Amazon A9, plus Amazon Advertising Platform, or AAP, etc) are categorized as a "other", with revenues in this category hitting $945m during the quarter, compared to $626m 12 months earlier, according to the filing. The company's already razor-thin operating margins decreased from 4.2% a year ago to 1.7% last quarter. While some expected Amazon's spending in these areas - stepped up since past year - to ease, the company is plowing ahead to reinforce its fast-shipping club Prime. "Our video content spend will continue to grow, both sequentially and quarter over quarter". "We are giving them the benefit of doubt here because they have executed so well historically". A cornerstone of the company's strategy, Prime encourages shoppers to buy more goods, more often from Amazon.

Ahead of the results announcement, a leap in Amazon's shares to a record high of $1,083 helped CEO Jeff Bezos top Gates as the world's richest person, but the stock price fell after the results, returning Gates to the top spot again. The spectre of Amazon's disruption now hangs over a dizzying array of industries.

Grocery is the latest to feel the threat. The cloud division of Amazon reported a 42 percent increase in revenue compared to the previous year, although profits were flat. The company is trying to push into new markets, such as India.

The company also forecast an operating income of US$300 million to a loss of US$400 million for the current quarter.

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The company doesn't plan to change the price of its Prime $99 subscription service anytime soon, even though the membership carries more offerings. CFO Brian Olsavsky said third quarter typically sees lower operating income because it has to prepare for the holiday peak season.

"Every category of operating expense was up", said Michael Pachter, analyst at Wedbush Securities, citing higher marketing, content and fulfillment costs. "G&A up 50 (percent) is insane", referring to general and administrative costs in the second quarter. Net sales rose 24.8%to $37.96 billion.

In Australia, Perth-based technology start-up, Tape Ark, recently launched in the Australian market through the release of a data storage solution leveraging AWS and Business intelligence (BI) software vendor, Yellowfin, has partnered with BI services provider, Toustone, to offer a web-based cloud solution on AWS.

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