It really does boil down to short-term versus long-term incentives here for a lot of our customers. Our next question comes from Ross Sandler with Barclays. ET. Please proceed with your question.

They realize their on-premise infrastructure is not really flexible to go up or down. Lastly, we plan to host Prime Day in Q4 this year rather than Q3, as it has been in prior years. Yeah. If there was any color on the state of affairs with either of those by geo or region of the world, that would be great. Cumulative Growth of a $10,000 Investment in Stock Advisor, Amazon (AMZN) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $AMZN, Amazon Is Testing Sea Limited in Its Core Market.

There was a little bit of a slowdown across the board and a number of the cloud numbers. Market data powered by FactSet and Web Financial Group. Luke Lango is a Markets Analyst for InvestorPlace. But, again, Covid-19 has permanently accelerated the shift toward digital workflows, and ushered in a new era of the hybrid office, where remote work will become quasi-normal. Thanks so much for taking the question. And perhaps just talk about the backlog. Please proceed with your questions.

And even if we didn't do as much one-day shipping as we've been doing post COVID, the costs of one-day shipping are already built into our structure. Advertising is growing, so that's a good source of profitability. Amazon Advertising is young. Invest in the World According to ZARP. Online grocery sales tripled year-over-year.

As I mentioned on our last earnings call, we began to see a significant increase in customer demand beginning in early March, and demand remained elevated throughout Q2. Strong Earnings Confirm That Amazon Stock Is a Long-Term Winner, Online retail sales rose 49% year-over-year, 3 Reasons to Inject Your Portfolio with Sorrento Therapeutics, Matt McCall and the InvestorPlace Research Staff, Buy Piedmont Lithium Stock Now for Unique EV Exposure, Louis Navellier and the InvestorPlace Research Staff, Trump vs. Biden: Stocks to Buy No Matter Who Wins the White House, 7 Hot Stocks Offering Triple the Upside Now, Despite Its Huge Run-Up, Hyliion Stock is Still a Long-Term Buy, 7 Elections Stocks You Definitely Want To Avoid Leading up To the Big Vote. So that's a good sign. We've already reconfigured our network. So I would say that if you look at the growth rate, that translates into somewhere in the 24% to 33% growth rate in Q3. So if you look at our historic run rates and can see how big a quarter Q2 was, Q2 was actually higher revenue than Q4 of last year, which is unheard of. And you're often making multi-year investments for customers and customer offerings, and you're the man behind the capital allocation plan.

We certainly are glad to be there for our Prime members who are shopping more frequently and buying more. Where are you in terms of returning to normal on next-day and two-day shipping initiatives to drive Prime? First, maybe just one of your competitors noted that growth was slowing in some markets that have opened up, I guess, probably more in Europe. Brian Olsavsky -- Chief Financial Officer. All in all, Amazon offers investors multi-faceted, high-quality exposure to all of tomorrow’s most important growth industries. Great. But as this COVID has played out, consumables and grocery, which are lower margin, have been a negative impact on gross margin. They're becoming super high at the company if you ex out the COVID costs. Worldwide streaming video hours doubled year-over-year driven largely by Prime video. July 30, 2020.

Actual results may differ materially. So I don't want to make too many sweeping comments on that right now.

But we feel good about where we are. And then, secondly, we talked about a lot about one-day investment last year. The firm that called the Exact Peak of the Dot-Com boom has just issued another major prediction. Revenues rose just 29% year-over-year, continuing what has been a multi-quarter slowdown in AWS growth. I think there's definitely any differences in selection or differences in shipping. So I think, again, just as we think about kind of the innovation components and commitments to solving kind of problems and challenges for customers, it's pretty exciting for us to be able to work with them and bring that vision to fruition in the years ahead. Justin Post -- Bank of America Merrill Lynch -- Analyst.

The ad business was impressively strong in a down digital ad spending environment. So we're seeing migration plans accelerate. You’ll get the name & ticker of Matt McCall’s top pick when you tune in to his FREE event. And anything you can share around behavior for new and existing customers. They have larger basket sizes. Sure. A Caltech graduate, Luke has consistently been rated one of the world’s top stock pickers by various other analysts and platforms, and has developed a reputation for leveraging his technology background to identify growth stocks that deliver outstanding returns. Amazon (NASDAQ:AMZN)Q2 2020 Earnings CallJul 30, 2020, 5:30 p.m. So two, just a quick follow-up on Eric's question. Maybe I could just dive in on the normalized trends you're seeing as you exit June and get into July. We expect to incur more than $2 billion in COVID-related expenses in Q3 to help keep employees safe, including continued investment in social distancing, PP&E and testing. To see all exchange delays and terms of use please see disclaimer. So in the AWS segment revenue, what we see are companies are working really hard right now to cut expenses, especially in the more challenged businesses like hospitality and travel but pretty much across the board.

Existing Prime member renewal rates improved, and the Prime member growth rate accelerated both in the U.S. and worldwide. Nasdaq

We're doing it to protect the actors and film crews, and we think that's the right decision. That's not the case this year, but what that's meant is that we can flex into space normally used for second-half peak demand. Q2 2020 Amazon.com, Inc. Earnings Conference Call. More importantly, North America retail operating margins were flat year-over-year, and stabilized quarter-over-quarter on a trailing 12 month basis, after declining for several consecutive quarters. In international, aggregate does not matter that much. Or can you just talk about what kind of behaviors you're seeing right now as you go into 3Q? Product mix could go either way depending on the country. Mark Mahaney -- RBC Capital Markets -- Analyst. The firm that called the Exact Peak of the Dot-Com boom has just issued another major prediction. So I don't have any particular color on that regard by country.

Third-party units continue to represent more than half of overall unit volume, helped by improved quarter-over-quarter growth in active sellers. Amazon’s second-quarter earnings confirm that management continues to execute strongly against the company’s enormous long-term growth opportunities. So we are improving the percentage of one day. And in Q2, like I mentioned, we were able to use the excess capacity that did exist to serve the higher demand.

Do Not Sell My Information. We've already created the capacity to be able to ship. We're actively, with our sales force, looking for ways that we can help them save money. And thanks to Amazon’s robust repository of consumer purchase data. But, 29% growth is still an impressive mark for a market leader, and the slowdown is mostly just a function of big hospitality and travel customers scaling back spending. Please log in to your account or sign up in order to add this asset to your watchlist.

We think that will normalize over time. This is already the largest e-retail platform in the world. So I would say that the surge in demand internationally also helped drive that profitable, maybe a little earlier than the trajectory would have shown. “Other” revenues — which are mostly ad revenues — rose 41% year-over-year, largely consistent with the trailing four-quarter average growth rate of 42%. We welcomed more than 175,000 new employees in March and April, many of whom were displaced from other jobs in the economy. We've instituted social distancing, cleaning, temperature taking, both with our warehouse employees and also our transportation employees. Our delivery costs were becoming more efficient. We're super encouraged by the fact that grocery delivery has picked up, and that's been accelerated versus what we would have thought. Great. We continue to invest meaningfully, including $9.4 billion in capex and finance leases in Q2 alone, an increase of 65% year-over-year, primarily driven by investments in our fulfillment and logistics footprint. That spending will come back once those industries rebound. Thank you. First, our regular headcount grew 34% year-over-year as of the end of Q2 and continues to grow. Obviously, India is the biggest one. Gross margin for the quarter was 40.8% and was down 200 basis points from last year. Let's conquer your financial goals together...faster. The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure. And then on Prime behavior, I can't really give you more on that because it is actually a very localized set of staff by country. Amazon reported its first-quarter earnings after the bell on Thursday, revealing the pandemic's impact on the business that has been a rare bright …

This is now a $43 billion annualized run rate business, up nearly $10 billion in run rate in the last 12 months. We think that will be a good long-term trend. So we've got our hands full on that challenge, but we've got a really good team that's been working very hard probably since late February on this issue. But certainly, marketing costs were lower. But, again, the first priority is definitely keeping employees safe, and second is increasing our capacity. And when you talk about profitability, we'll also mention that there are a couple of expenses that have gone down in the interim.

So the Prime behavior for international Prime members, you guys have talked about how like in the 16, 17 countries, the overall service levels are a little bit behind, selection is a little bit behind. I appreciate the color on Europe and Japan. Is that mostly from Prime Day?

And as you saw, Prime growth retention has increased. Learn more. Amazon.com has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Thursday, October 22nd, 2020 based off prior year's report dates. 2020 InvestorPlace Media, LLC. On the product side, a lot of what we saw in March and early April was sales of consumables and groceries and safety items. They have some goals there around getting more sellers on board and hiring many more people as well, so a lot of focus there. The list is very short on what we've had to slow down.

This year, we expect a meaningfully higher year-over-year square footage growth of approximately 50%. We were able to meet this heightened demand because we were also able to open up more fulfillment network capacity as the quarter progressed with faster delivery across more selection. And then separately, on AWS, the $43 billion run rate obviously slowed some in the quarter, but hoping you could comment just on the pace of IT decision-making in this environment, whether you're still impacted by some clients more highly exposed to challenged verticals? Just a follow-up to that last comment. Strong top line performance was driven by increased consumer demand, led by Prime members. We're reaching more customers with our grocery offerings. Earnings from JPMorgan and Citigroup haven’t been able to keep the blue-chip benchmark from slipping as both Johnson & Johnson and Eli Lilly drug trials are halted. Dave Fildes -- Director of Investor Relations.

I have two. We're not back to where we were pre-COVID.

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