Amazon expected sales in the holiday quarter leading up to Christmas to rise between 10 percent and 20 percent, or up to $72.5 billion, while analysts were expecting $73.9 billion, according to Refinitiv data. If they can continue to grow its cloud, advertising, and subscription services, its margins will continue to improve and given Amazon's massive revenue, this is a good recipe for mega profits down the line.
It was a great quarter for Amazon, which launched a variety of products during its third quarter this year.
Google's Asia-Pacific headquarter office in Singapore.Google parent Alphabet missed quarterly revenue estimates sending shares down nearly by 7 percent. Meanwhile, net income has increased to $2.9 billion in the third quarter, which is a big jump from the $256 million from this time a year ago.
The fall in shares, if replicated when U.S. stock markets open officially, would knock almost $90 billion off Amazon's market value and relegate it behind Microsoft and Apple in terms of market value.
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Amazon Web Services is now contributing more operating income than Amazon.com North America, with $2.077 billion operating income reported for the quarter, versus $2.032 billion for Amazon.com NA. As part of its earnings call, the company also warned that its fourth quarter would likely do the same, despite including the busy holiday season. Additionally, analysts have slashed their earnings outlook for the fourth quarter by 9% to $5.35 per share. In the holiday period previous year, Amazon saw sales of $60.5 billion.
The company's forecast was "well below" analysts' estimates, noted Colin Sebastian, a financial analyst who covers the company for Baird Equity Research, in a note following Amazon's report. Revenue jumped 29 percent to $56.6 billion, below a projected $57.10 billion.
Global net sales came to $15.55 billion, up 13 percent, with an operating loss of $494 385 million. The division's operating profit, meanwhile, grew 77% over the same time period to $2.1 billion, accounting for more than a third of Amazon's total net profit for the period. Add in the recent stock market rout, and the tech companies had little room to bobble their results.
"We're very happy not only in the strong membership numbers", Olsavsky said Thursday, "but also in the continued strength of engagement" of Prime's shipping benefits and Prime Video.
Amazon's all-time high record stock price was $2,050.50 (£1,577.68) per share on September 4, 2018, the same day it hit the $1 trillion (£768.8bn) market cap.