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Photo: Denis Charlet/AFP/Getty Images

Amazon's shares were down 1–2% after hours Thursday after the e-commerce giant reported $5.22 in earnings per share, missing Wall Street's projected $5.57. Amazon did, however, beat revenue expectations for the second quarter, reporting $63.4 billion, compared to the projected $62.5 billion, per CNBC. AWS revenue was $8.38 billion, falling short of the expected $8.5 billion.

The backdrop: This quarter's earnings report comes as Amazon is facing regulatory scrutiny in the U.S. and Europe. The company recently had its most successful Prime Day to date, and has invested more than $800 million to speed up 2-day delivery to 1-day.

Key takeaways:

  • Amazon's sales bump — nearly 20% compared to Q2 in 2018 — was in part due to customer response to its 1-day shipping offering for Prime, which now applies to about 10 million products, the company said.
    • But, but, but: While 1-day shipping has high impact in North America, where 2-day or slower has been the standard, it may not make as much of a splash in some of Amazon's international markets — like China and India — where 1-day or same-day is the norm.
  • Amazon also now has 8.8% of the U.S. digital ad revenue, up 53% from its market share a year ago, according to data from eMarketer.
  • The company has also introduced Amazon Flex, which brings on contractors to deliver packages, in India.

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Illustration: Sarah Grillo/Axios

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Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.