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Amazon profit misses estimates and its outlook disappoints Amazon profit misses estimates and its outlook disappoints
(about 9 hours later)
Web giant Amazon has reported a lower-than-expected third quarter profit as expenses rose, causing shares to tumble in after-hours trading. Amazon has reported a lower-than-expected third quarter profit as expenses rose, sending shares lower in after-hours trading.
The company also gave a disappointing fourth-quarter revenue forecast. The web giant also gave a disappointing fourth-quarter revenue forecast.
While quarterly revenues jumped 29%, in line with expectations, Amazon said its net income rose to $252m (£207m), or 52 cents per share, from $79m a year earlier. Quarterly revenues rose 29%, in line with expectations, while Amazon said net profit jumped $173m to $252m (£207m) compared with the same period last year.
Earnings per share were far short of the average estimate of 78 cents. Shares fell more than 5% in after-hours trading.
Amazon's shares fell more than 5% in after-hours trading. Total operating expenses rose 31.5% to $10.94bn as the company invested in its cloud computing business, Amazon Web Services, expanded its Prime programme internationally as well as its warehouse and delivery infrastructure and increased its original video output.
Total operating expenses rose 31.5% to $10.94bn as the company invested in Amazon Web Services, expanded its Prime programme internationally, built up its warehouse and delivery infrastructure and increased its original video output. Amazon forecast sales of between $42bn and $45.5bn for the last three months of the year, which includes the Christmas shopping season.
Amazon forecast net sales of between $42.0bn and $45.5bn for the fourth quarter, which includes the holiday shopping season. Analysts had expected fourth-quarter sales of $44.58bn.
Analysts on average had expected fourth-quarter sales of $44.58bn. Third quarter revenues were boosted by net sales rising to $32.7bn from $25.3bn the year before.
Third quarter revenues were boosted by net sales rising to $32.71bn from $25.36bn the year before.
Sales were helped by its Prime Day annual shopping festival, strong back-to-school shopping and its cloud services business.Sales were helped by its Prime Day annual shopping festival, strong back-to-school shopping and its cloud services business.