Amazon shares slide on revenue miss, disappointing guidance for third quarter

Amazon reported weaker-than-expected revenue for the second quarter on Thursday and issued a disappointing forecast for the current period. The shares slid as much as 6% in extended trading.

Here's how the company did:

Wall Street is also looking at these key numbers:

Amazon forecast revenue in the current quarter to be between $154 billion and $158.5 billion, representing growth of 8% to 11% year over year. The mid-point of that range, $156.25 billion, trailed the average analyst estimate of $158.24 billion, according to LSEG.

Amazon continues to reckon with sluggish growth in its core retail business, as competition heats up, largely from discount sites like Temu and Shein, which allow Chinese merchants to sell cheap items to U.S. consumers.

Sales in its online stores segment grew just 5% year over year. Revenue from third-party seller services, which includes commissions, and fulfillment and shipping fees, accelerated faster, expanding 12% during the quarter.

"We did come in a little short on revenue growth in North America versus our internal estimates," finance chief Brian Olsavsky told reporters on a call after the report.

Olsavsky said the revenue miss was driven by consumers choosing to buy cheaper products, leading to lower average selling price (ASP).

"What we're seeing is really around ASP and lower ASP in products selected by customers," Olsavsky said. "They are continuing to be cautious in their spending and trading down to lower ASP products."

At an event with Chinese sellers in June, Amazon said it plans to launch a discount store that will feature mostly unbranded items priced below $20, according to a presentation viewed by CNBC. The store is expected to offer apparel, home goods and other products.

Amazon expects