Amazon Q3 2018 had $56.6 billion in sales and $2.9 billion profit

27 October, 2018, 21:44 | Author: Mary Valdez
  • Jeff Bezos

Analysts had expected third-quarter revenues of $57.1 billion in revenue, but Amazon reported $56.6 billion-which is still up 29% from past year. In actuality, the company's earnings per share in the third-quarter, which it reported Thursday, were more than 10 times larger than the prior year quarter.

The weak results from Amazon and Google parent Alphabet were the latest setback for the high-growth quartet of stocks known as FANG, which also includes Facebook Inc and Netflix Inc.

Amazon and Alphabet reported big jumps in quarterly profit, but Amazon's sales forecast for the critical holiday-shopping quarter disappointed analysts, and Alphabet's revenues in the just-finished quarter also lagged expectations.

USA markets fell sharply at the open, with the tech-dominated Nasdaq (Frankfurt: 813516 - news) down by 3% placing it in technical correction territory. "Google, Microsoft, and Walmart. are more hard to kill", he told Reuters. "The second thing is they're anxious about competition", he said, noting that there were both signs of a slowing economy and that major retailers were aggressively deploying strategies to compete with Amazon for holiday sales.

It later recovered some poise on Friday afternoon as United States economic figures for the third quarter, showing growth a 3.5% rate of annual growth, failed to strengthen the dollar.

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While Amazon's sales forecast missed estimates, USA shoppers are projected to increase their online spending by as much as 22 per cent this holiday season, according to Deloitte Insights. The Street wanted to hear $73.79 billion, but Amazon forecast between $66.5 billion and $72.5 billion. We are forecasting AWS revenue of $6.8B (49% y/y), which is modestly above Street expectations ($6.7B) and would represent the fourth consecutive quarter of accelerating growth.

Amazon was worth $805 billion on Friday, after falling below Microsoft's in extended trade on Thursday. Analysts said Google's slowing hardware sales in the quarter - ahead of the launch the new Pixel 3 line of smartphones and other products in Q4 - was the key source of pressure on the company's Q3 revenue. "These organizations are choosing Amazon Business because it increases transparency into business spending and streamlines purchasing, with increased control". A year ago, it reported profit of just $256 million.

Amazon forecast fourth-quarter operating income between $2.1 billion and $3.6 billion, below the $3.87 billion expected by analysts, according to FactSet.

The company ended the quarter with $106.4 billion in cash and equivalents and marketable securities, and $3.99 billion in long-term debt. North American retail operations are doing much better than the years of yore that saw the company lucky to count two percent margin.

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