Amazon reports $56.6 billion revenue in Q3

Amazon sinks as revenue growth disappoints

Amazon sinks as revenue growth disappoints

In its third quarterly earnings report, Amazon reported that net sales in the past three months have totaled $56.6 billion, which is a 30 percent year-over-year increase.

For stock investors, "some of the pessimism is anchored in dimming growth forecasts and rising interest rates", said Eric Lascelles, chief economist at RBC Global Asset Management.

Indeed, shareholders seemed to focus on the negative.

Shares of the company were down 9.0 per cent at $1,622 in morning trade.

Our earlier story this week predicted Amazon's shares would begin to enter a bear market by falling 21% off their high, but Amazons' outlook has significantly deteriorated since then. The company also issued weaker than expected revenue guidance.

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. Revenue jumped 46 percent QoQ and its actually enlarging its lead as the world's biggest provider of public cloud infrastructure.

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Los Blancos, under coach Julen Lopetegui are now ranked fifth, having won only four of their eight La Liga games. Lopetegui had thrown Bale on at the interval while Benzema and Dani Ceballos were introduced on the hour.

Amazon's third-quarter report arrives a few weeks before the holiday shopping season, when Amazon and other retailers enjoy a weeks-long spike in sales. The majority of stocks within the S&P 500 are already either in correction or in bear territory, with the latter representing a decline of more than 20 percent.

Amazon also introduced the all-new Fire HD 8 tablet, featuring an 8-inch HD display, a quad-core processor, 16 GB of internal storage with support for up to 400 GB more via microSD, up to 10 hours of mixed use battery life, and hands-free access to Alexa.

Worldwide net sales came to $15.55 billion, up 13 percent, with an operating loss of $494 385 million. The company continues to increase wallet share with existing cloud customers, and acquisition remains strong evidenced by Amazon's healthy pipeline of new enterprise clients.

"AMZN posted generally positive Q3 results-In-line Revenue with the highest Gross Margin we have seen in any third quarter & record high Operating Margin", a team led by the RBC analyst Mark Mahaney said in a note sent out to clients after the results. That figure, which represents full-time and part-time workers but excludes contractors and temporary personnel, is up from 575,700 last quarter and 541,900 a year ago. Operating income was $2 billion.

Amazon has already committed to invest at least $5 billion in India, and is expected to commit even more investments towards India, where it is now locked in a bruising market share battle against local rival and Walmart-backed Flipkart.

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