[ad_1]
Amazon stock plunged after reporting third-quarter results late Thursday that beat on earnings but gave an outlook that fell short.
X
The company reported adjusted earnings of 28 cents a share on revenue of $127.1 billion. Analysts expected Amazon to report earnings of 22 cents a share on revenue of $127.4 billion, according to FactSet.
Revenue climbed 15% from the year-ago period. That marks a return to double-digit growth after three straight quarters of growth in the single digits.
But for its fourth quarter, Amazon expects revenue in the range of $140 billion to $148 billion. The midpoint of $144 billion is below estimates of $155.1 billion.
AMZN stock plunged 11% to 98.40, during morning trading on the stock market today.
AMZN Stock: Web Services Sales Fall Short
Amazon Web Services, its cloud-computing unit, showed sales of $20.5 billion, below estimates of $21 billion but up 28%.
“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” Chief Executive Andy Jassy said in a written statement with the earnings release.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MIGHT ALSO LIKE:
Seagate Quarterly Results Miss Earnings Estimates; Workforce Cuts Ahead
MarketSmith: Research, Charts, Data And Coaching All In One Place
[ad_2]
Image and article originally from www.investors.com. Read the original article here.