Amazon Q3 2018 had $56.6 billion in sales and $2.9 billion profit
27 October, 2018, 01:50 | Author: Kevin Carter
Net sales at the West's e-commerce leader climbed to $56.6 billion in the third quarter, up 29 percent year-on-year. This guidance anticipates an unfavorable impact of approximately 80 basis points from foreign exchange rates.
Investors weren't looking for excuses, with shares falling more than 5 percent to $1,688.01 in after-hours trading.
Its operating profit forecast of between $2.1 billion and $3.6 billion also came in below consensus estimates.
United States stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief.
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".
There may be further wrinkles this holiday. Amazon isn't disclosing the total cost of the raises. "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.
As well, Amazon expanded its Prime Video product with new original shows, launched its Prime Book Box to all of its US-based Prime customers, setup shop in Turkey, improved Alexa, and much, much more.
The moves underscore the increasingly competitive landscape as retailers battle it out for your business.
"Make no mistake, Amazon remains a behemoth in the online market - nor do we believe it is under any serious threat", Saunders said. Now, Walmart, Target and others are working harder to play catchup against Amazon to hold onto their customers.
About 350,000 US Amazon employees and seasonal workers will see their wages increased, but that boost isn't expected to seriously crimp Amazon's bottom line.
While US economic growth kept apace despite trade wars, the same can not be said of USA corporate profit growth, as a slew of disappointing forecasts this earnings season showed how tariffs, rising wages and borrowing costs as well as jitters over geopolitical events are hurting companies.
Baird analyst Colin Sebastian said the performance of Amazon businesses with higher profit margins, such as cloud computing and advertising, is more relevant to investors.
For its part Amazon stock was down 8.66 percent ahead of Friday's opening, despite seeing its quarterly net profit grow ten-fold from a year earlier to $2.9 billion (roughly Rs. 21,200 crores). In the holiday period previous year, Amazon saw sales of $60.5 billion.
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