Amazon sales numbers reveal how its business is transforming

For the first time in Amazon’s history, online store sales represented less than 40% of its overall net sales in its latest quarterly results, GeekWire’s calculations show.

• This is not to suggest that Amazon is becoming less of an online retail juggernaut. Net sales from online stores rose 4% in the second quarter to nearly $53 billion.

• However, its business is transforming over time as its sources of revenue become more diverse, which theoretically could help the company in the long run. Read more.

What about AI? “Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers’ experience,” Amazon CEO Andy Jassy told analysts on the company’s earnings call. 

Redfin shares sink after earnings: The Seattle company reported a 21% drop in revenue amid a slumping real estate market. CEO Glenn Kelman said housing sales volume is “near rock bottom.” Read more.

Hot Links:

• Digital Trends in real estate dispute: Unico, landlord for Portland’s U.S. Bancorp Tower skyscraper, is suing the tech news and review site for more than $3.8 million over unpaid rent and other claims. Digital Trends says it will countersue, alleging that Unico didn’t keep the building safe enough for its workers. (Portland Business Journal)

• Does Walmart have the edge on Amazon in grocery? As Amazon “continues to waste time experimenting, Walmart is ably copying its best moves.” (The Economist)

• Please say “please” to the chatbot: AI is “a giant prediction machine making highly probabilistic guesses at what would plausibly come next. So when it clocks politeness, it’s more likely to be polite back.” Maybe there’s hope for us all? (Microsoft WorkLab)

• Apple TV part of Pac-12 discussions: A potential streaming deal is playing a role in the future of the 108-year-old college athletic conference. The latest reports point to Washington and Oregon heading to the Big 10. (Yahoo Sports; ESPN)

• Self-driving company Cruise is the first-ever jersey patch sponsor for the San Francisco Giants. Will a Seattle tech company appear on Mariners jerseys in the near future? (TechCrunch)