Amazon earnings disappoint, stocks fall
The e-commerce giant missed earnings estimates and offered conservative guidance for the holiday season quarter, shares dropped 7%.
Stocks impacted: Amazon.com Inc (AMZN)
Amazon profit fell for the first time in more than two years in the third quarter, and the company expects another earnings decline in the holiday-shopping season. The company said its third quarter operating income fell to $3.2 billion from $3.7 billion a year ago, as spending rose. Net sales rose 24 per cent to $70 billion, beating the forecast for $68.8 billion, while net income dropped to $2.1 billion – or $4.23 per diluted share, versus forecasts of $4.62. as a reminder, the e-commerce giant reported profit topping $10 billion in 2018, more than triple its previous annual record. The stock has gained 18.6% this year, but lost over 10% in the past three months. In a regular session on Thursday, shares rose over 1%, and in after-hours trading, when results were announced, the stock plunged 7%.
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