Amazon reports sales and profit shortfall in 3Q

Online behemoth Amazon reported a shortfall successful 3rd 4th profits and income arsenic the pandemic-induced online splurging eases.

The Seattle-based company reported a nett of $6.2 billion, oregon $6.12 per stock for the three-month play ended Sept. 30 compared with $6.3 billion, oregon $12.37 per stock a share, during the year-ago period. Revenue jumped 15% to $110.8 billion.

Analysts surveyed by FactSet connected mean expected $111.55 cardinal successful quarterly revenue and per-share net of $8.90.

In July, Amazon warned that gross would beryllium successful the scope of $106 cardinal to $112 cardinal for the 3rd quarter. Still, the 4th marks the 4th consecutive 1 of gross topping $100 billion.

Amazon is 1 of the fewer retailers that has prospered during the pandemic. As carnal stores selling non-essential goods temporarily oregon permanently closed, radical stuck astatine location turned to Amazon for everything from groceries to cleaning supplies.

But Amazon is seeing a slowdown successful income maturation arsenic a effect of the institution lapping against past year's immense pandemic-induced buying binges. The slowdown besides reflects that people, peculiarly successful Europe and the U.S., are much mobile and are doing different things too buying online.

Amazon's different businesses expanded, too. Sales astatine its cloud-computing business, which helps powerfulness the online operations of Netflix, McDonald's and different companies, grew 39% successful the quarter. And astatine its portion that includes its advertizing business, wherever brands wage to get their products to amusement up archetypal erstwhile shoppers hunt connected the site, sales roseate 49%.

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