Amazon opens new tab on forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat Wall Street forecasts.

Wall Street

Amazon reported financial results that exceeded analyst expectations for both earnings per share and revenue. The company posted an EPS of $1.68, above the expected $1.33, and revenue of $167.7 billion, surpassing the forecasted $162.09 billion. Amazon Web Services (AWS) delivered a growth rate of 17.5%, just above estimates, with $30.87 billion in revenue. Despite these positive results, Amazon shares fell slightly, with analysts noting that the company's guidance and the performance of AWS, which accounts for over 60% of Amazon's operating income, remain key areas of focus.

Industry observers are also watching Amazon's advertising segment and the impact of artificial intelligence on its business, especially in comparison to competitors like Meta. Additionally, the performance of Amazon's e-commerce operations and the effects of tariffs, particularly due to goods sourced from China, are being closely monitored.

Amazon shares sink despite beat on revenue and earnings

report. Amazon is out. Mackenzie Sagalos has the numbers for us. Hi, Mac. Hey there, Morgan. Amazon shares moving lower, about three quarters of a percent, despite a beat on both the top and bottom line. You've got EPS coming in at $1.68 versus $1.33. Revenue also beat at $167.7 billion versus $162.09 billion. Cloud, AWS, this was a big number that analysts were looking for, and that came in at a growth rate in Q2 of 17.5 percent, just beating that 17.2 percent estimate there. We've also got a number on revenue for AWS at $30.87 billion, just beating the street at $30.8 billion. And really, that is the big number that we look at. We see how AWS is stacking up against rivals Azure and Google Cloud. Azure really posting a blockbuster quarter for Q2. So we're going to keep unpacking these numbers for you, Morgan, and I'll be back to you soon with guidance, because those shares, little change, and usually it's that quarterly guidance that tends to weigh down sentiment when we see a beat on the top and bottom lines. OK. Yeah. Shares are bouncing around right now. Mackenzie, thank you. Let's get reaction to those results. Barbara Duran of BD8 Capital Partners joins us now. Barb, it's great to have you on. Let's start right there, because so far, it would seem with some of these metrics we've heard and we've gone through from this report, it is a beat for Amazon. Your takeaway? Yeah, I think it was important. All eyes are really on the AWS, particularly because Alphabet had reported and Microsoft, and they reported both respectively 32 and 34 percent growth. And of course, this is an area where the last few quarters Amazon has missed. And so it sounds like, you know, from the initial read, that revenues were a little bit better than expected. So it's probably up 17 to 18 percent, which would be good because it would mean that hopefully they're holding share, because right now they are the leaders. They've got 29 percent share there versus Azure, 22 percent. And of course, Google bringing up at 12 percent. And the reason the AWS is so important is because it's 60 plus percent of their operating income. So all eyes are on that. The other thing we really want to see is really what's happening with their advertising, you know, and how the A.I. is working. We certainly saw with Meta how their A.I. ad target is working so well for their increasing their engagement, increasing sell through to advertisers. And so we want to hear about that. And of course, we want to see e-commerce, what they're seeing with consumers and the impact tariffs, given that so much comes from China.

U.S. President Donald Trump said he's ordered his administration to fire the commissioner of the U.S. Bureau of Labor Statistics, on the same day new data was released showing weak job growth in July. The Labor Department also sharply revised job growth for May and June down.

Washington

Trump orders firing of U.S. Bureau of Labor Statistics commissioner

U.S. President Donald Trump says he ordered two nuclear submarines to be positioned in the "appropriate regions" as a response to comments made by Russia's former president. CBS News' Charlie D'Agata reports.

Trump says nuclear submarines moved in response to Russia

Jeffrey Epstein accomplice Ghislaine Maxwell has been transferred to a Bryan, Texas, prison, CBS News confirms. Maxwell was previously held in Tallahassee, Florida.

Bryan

Ghislaine Maxwell transferred to Texas prison

The announcement comes as international pressure mounts on Israel over the war in Gaza and the deepening humanitarian crisis in the Palestinian enclave.

Ljubljana

Middle East Conflict

Slovenia becomes first EU country to ban arms trade with Israel

The United States imposed sanctions on Palestinian Authority officials just as other nations are stressing the importance of the PA in governing Gaza in the event of an end to the devastating war in the enclave.

New York

U.S. sanctions Palestinian Authority in growing diplomatic rift

Ukraine’s Parliament has reversed a controversial law signed last week by President Volodymyr Zelenskyy, which would have allowed the government greater control over anti-corruption agencies. The decision comes as the country faces one of its most significant political crises since Russia’s full-scale invasion in 2022.

Kyiv

Ukraine Invasion

Ukraine parliament reverses bill on anti-corruption agencies amid crisis

U.S. President Donald Trump has signed an executive order increasing tariffs on Canadian goods that don't meet the terms of the Canada-U.S.-Mexico Agreement to 35 per cent.

Ottawa

Global Tariffs

Trump raises Canada tariff to 35%, grants extension to Mexico

U.S. special envoy Steve Witkoff met Israeli Prime Minister Benjamin Netanyahu on July 31 in a bid to salvage Gaza truce talks and tackle a humanitarian crisis in the enclave, where a global hunger monitor has warned that famine is unfolding.

Jerusalem

Trump's envoy meets Netanyahu for Gaza aid, ceasefire push

U.S. special envoy Steve Witkoff is visiting Israel as more countries join the call to recognize a Palestinian state in September. CBS News' Robert Berger has the latest.

Trump envoy in Israel as Canada joins call on Palestinian statehood

President Donald Trump says the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally.

Trump says U.S. will set 15% tariff on South Korean imports

U.S. President Donald Trump slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

Rio de Janeiro

Trump hits Brazil with tariffs, sanctions but key sectors excluded

Widespread damage from tsunami waves after one of the strongest earthquakes ever recorded appears to have been largely avoided. Experts say this event should be used to gauge disaster preparedness for a more serious situation in the future.

Okinawa

Tsunami damage less severe than feared after Russian earthquake

Prime Minister Mark Carney announced that Canada will recognize a Palestinian state later this year if the Palestinian Authority, which governs parts of the West Bank, meets certain conditions.

Canada to recognize Palestinian state in September if conditions met

Australia said on Wednesday (July 30) it will add YouTube to sites covered by its world-first ban on social media for teenagers, reversing an earlier decision to exempt the Alphabet-owned video-sharing site and potentially setting up a legal challenge.

Canberra

Australia expands teen social media ban to YouTube

President Donald Trump said on Wednesday (July 30) the United States will impose a 25% tariff on goods imported from India, as well as an unspecified penalty for buying Russian weapons and oil, on Aug. 1.

Trump says U.S. to hit India with 25% tariff starting August 1

Mourners flooded the streets of Birmingham to celebrate the life of rock-and-roll legend Ozzy Osbourne during his funeral procession in the United Kingdom. Mark Savage, a music reporter at the BBC, a CBS News partner, joins with more details.

Birmingham

Ozzy Osbourne fans flood Birmingham streets to mourn late music icon

U.S. President Donald Trump told reporters before departing from Scotland that Jeffrey Epstein poached workers from his Mar-a-Lago spa. Trump mentioned Virginia Giuffre, one of Epstein's most vocal accusers, in his latest remarks.

Trump says Epstein 'stole' young women from Mar-a-Lago spa

Owdeh Hathaleen, a 31-year‑old Palestinian activist, teacher, and filmmaker behind the Oscar-winning documentary No Other Land, was shot dead by an Israeli settler near the village of Umm al‑Khair in the South Hebron Hills.

Palestinian activist killed by Israeli settler in West Bank

A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 16 feet nearby, and sparked evacuation orders in Japan, Hawaii and across the Pacific on Wednesday (July 30).

Hawaii

Tsunami reaches Hawaii after huge quake shakes Russia's Far East

The U.N. General Assembly brought high-level officials together to promote a two-state solution to the decades-old Israel-Palestinian conflict. Israel and the United States are boycotting the two-day meeting, co-chaired by the foreign ministers of France and Saudi Arabia

Israel and U.S. boycott UN Summit for two-state solution

With numerous countries facing an Aug. 1 trade agreement deadline, officials in the Trump administration say China could get an extension while negotiations continue.

Trump officials suggest potential tariff truce with China

Police say the man who shot and killed four people in a New York City office building before he took his own life had a "documented mental health history." Mayor Eric Adams says he may have been targeting the National Football League (NFL).

Manhattan gunman had 'documented mental health history'

Jeffrey Epstein-associate Ghislaine Maxwell is offering to testify before Congress in exchange for concessions like full immunity. CBS News Department of Justice reporter Jake Rosen has more.

Ghislaine Maxwell offers to testify before Congress

Prime Minister Keir Starmer said on Tuesday (July 29) Britain was prepared to recognize a Palestinian state in September at the United Nations General Assembly unless Israel takes a number of steps to improve life for Palestinians.

London

UK to recognize Palestinian state unless Israel takes action

Russia launched overnight air strikes on over 70 Ukrainian cities, killing more than 20 people, according to President Zelenskyy. A pregnant woman died near a hospital in the southeast, while a prison strike killed at least 17.

Deadly Russian air raids hit Ukraine as Trump warns of sanctions

For the first time, human rights groups inside Israel are accusing their own government of committing genocide in Gaza. Israel insists it is targeting Hamas, not civilians—despite nearly 60,000 Palestinian deaths since the war began almost two years ago.

Rights groups in Israel accuse country of genocide

As Gaza’s crisis worsens, France is advocating for a two-state solution at a UN conference co-chaired by the French foreign minister. The meeting follows President Macron’s announcement that France will formally recognize a Palestinian state in September.

France leads UN talks on Israel-Palestine two-state solution

Former Colombian President Álvaro Uribe was found guilty of bribery and witness tampering in an unprecedented trial that has shaken the country.

Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

Russian Security Council Deputy Chairman Dmitry Medvedev posted on social media that President Trump's deadline push for a ceasefire with Ukraine is "a threat and a step towards war."

Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

Ukraine says Russia's overnight air strikes hit a prison in Zaporizhzhia in the southeast, killing at least 17 people. Another 35 were injured. Authorities say the attacks destroyed the jail buildings and damaged several nearby houses.

Breakdown