Amazon badly misses on earnings and revenue, gives disappointing fourth-quarter guidance
Amazon shares dropped more than 4% in extended trading on Thursday after the company reported weaker-than-expected results for the third quarter and delivered disappointing guidance for the critical holiday period.
Earnings: $6.12 vs $8.92 per share expected, according to analysts surveyed by Refinitiv
Revenue: $110.81 billion vs $111.6 billion expected, according to analysts surveyed by Refinitiv
Amazon is reckoning with decelerating sales growth as consumers go back to physical stores and the company faces supply chain challenges. Revenue in the third quarter rose 15%, down from 37% growth in the same period a year ago.
For the fourth quarter, Amazon forecast sales between $130 billion and $140 billion, representing growth between 4% and 12%. Analysts surveyed by FactSet were expecting revenue to rise 13.2% year-over-year to $142.1 billion.