Amazon.com Inc`s third-quarter sales missed analyst estimates and it forecast sales and operating income for the current quarter below estimates, sending shares of the online retailer down more than 5 percent in late trade.
The company forecast net sales of between $66.5 billion and $72.5 billion for the fourth quarter, below analysts` estimates of $73.9 billion. Amazon also expects operating income between $2.1 billion and $3.6 billion, below the $3.87 billion expected by analysts, according to FactSet.
For the third quarter, net sales rose to $56.58 billion from $43.74 billion a year earlier, but missed analyst estimates of $57.1 billion, according to Refinitiv data.
Amazon`s net income rose to $2.88 billion, or $5.75 per share, in the third quarter ended Sept. 30 from $256 million, or 52 cents per share, a year earlier.
Total operating expenses surged 21.8 percent to $52.85 billion as the company invests heavily in its Prime program, grocery delivery from Whole Foods stores and creating original video content.
Revenue from Amazon Web Services, the company`s fast-growing cloud services business, surged 45.7 percent to $6.68 billion, narrowly edging past estimates of $6.67 billion.
Shares of Amazon were trading down at $1,690.90.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/markets/stocks/photo-gallery-psu-multibagger-stock-to-buy-motilal-oswal-picks-hudco-for-up-to-9-per-cent-returns-check-target-stop-loss-share-price-nse-bse-stock-market-news-303619](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306717-stock-market-pixa.jpg?itok=Tjaq_GFo)
MOFSL suggests buying this multibagger PSU stock which has given almost 5x returns in a year; check out target
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
02:14 AM IST