Prime Video Ads Have Yet to Pay Off

An Amazon distribution center in Richmond, Calif on July 16 during "Amazon Prime Day." Photo by Justin Sullivan/Getty.

We want to start this evening’s Briefing by congratulating and thanking all the people who were involved in securing the release of Wall Street Journal reporter Evan Gershkovich and other prisoners from Russia, in a major victory for press freedom. Make sure to read The Journal’s story about the remarkable effort to rescue him here.

Now on to the day’s tech news…

Amazon's Slowing Ad Growth

Hold those horses! Amazon’s giant ambitions in video ads haven’t been a game changer for its overall ad growth—yet.

On Thursday, the company said its advertising business grew 20% to hit $12.7 billion in the second quarter, excluding foreign exchange fluctuations. That figure represents the slowest-ever growth rate for Amazon’s ad business since the company started breaking out its results a couple years ago. Amazon shares tumbled nearly 8% after the bell.