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Amazon Stock Dives As Holiday Sales Outlook Clouds Q3 Profit Beat- Newshubweek

Amazon Stock Dives As Holiday Sales Outlook Clouds Q3 Profit Beat
Written by Arindam

Updated at 4:21 am EST

Amazon Inc  (AMZN)  posted better-than-expected third quarter earnings Thursday, but forecast disappointing holiday sales despite adding an extra Prime shopping day event, sending shares sharply lower in after-hours trading.

Amazon said its second quarter loss was pegged at $2.9 billion, or 28 cents per share, down from a split-adjusted profit of 31 cents per share over the same period last year but firmly ahead of the Street consensus forecast of 22 cents per share. 

Revenues rose 14.7% from last year to $127.1 billion, just shy of analysts’ estimates of a $127.45 billion tally. Amazon Web Services contributed $20.54 billion, rising 27.5% from last year but missing Street forecasts by around $1 billion. 

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