Amazon Reports More Profit In Q3, But Revenue Lag Hurts Stock

Google CEO Sundar

Despite the lower-than-expected revenue Amazon's finance chief Brian Olsavsky said on a call with reporters Thursday: "We feel it's a really strong quarter". (AAPL.O) in terms of market value. Its not getting much attention but the unit has grown 123 percent YoY and this business is perhaps the highest margin in the entire Amazon stable.

Investors' focus will be on the company's performance in its Web Services business, which is expected to be a major boost to the company's profitability. Amazon, however, did manage to narrow losses from its worldwide business. It also sells products under its AmazonBasics in-house brand.

Amazon has been adding many new features and offerings to AWS, and recently added the T3 service, which offers ultra fast instances powered by the company's Nitro System hardware-accelerate hypervisors. 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. Shares in Amazon were down 9 percent in premarket trading.

The company issued its initial public offering on May 15, 1997 for $18 (£13.85) per share at the time.

Amazon (AMZN): Shares down here, around 7.1%. With some more distance from the Whole Foods acquisition, employee growth numbers will slow from the big jumps in recent quarters but line up better with what's actually happening at the company. After blazing a path beyond $2,000 earlier this year, imputing a valuation of the company of $1 trillion, the stock price has fallen back a bit as tech stocks overall continue to get pummeled this fall.

Investors are wondering whether Amazon is reaching a saturation point.

After years of rapid growth, the share of Americans who go online, use social media or own mobile devices has plateaued in the past two years, according to a September analysis of Pew Research Center data.

He was born on January 12, 1964 in Albuquerque, New Mexico.

Shares in Amazon plunged on Thursday night after the technology giant unveiled financial results below Wall Street expectations.

Founded initially as an online bookstore, Amazon soon transformed into a titan of e-commerce around the world in the 2000s and 2010s, allowing Bezos to take the crown of the world's wealthiest individual from Microsoft co-founder Bill Gates in late 2017. "These organizations are choosing Amazon Business because it increases transparency into business spending and streamlines purchasing, with increased control". He's also been active in a number of philanthropic ventures over the years, particularly in healthcare and education.

Alphabet also reported a net income of $9.19 billion United States dollars ($12.01 billion CAD).

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