Published: Fri, October 26, 2018
Markets | By Noel Gibbs

Amazon Stock Tumbles on Disappointing Guidance

Amazon Stock Tumbles on Disappointing Guidance

"Overall, Amazon's growth trajectory remains solid, including advertising, grocery, pharmacy, and specialty retail, as well as Amazon Business ($10 billion in sales in eight countries) and Amazon Web Services", Telsey Advisory Group analysts said.

The world's No.1 cloud business by revenue saw sales up 45.7 percent to $6.68 billion, narrowly edging past estimates of $6.67 billion.

Olsavsky said Amazon has baked the wage increases into its fourth quarter guidance, which came in under investor expectations, but he would not quantify its impact on the company's financials.

The 9-per-cent fall in shares knocked more than $80 billion off Amazon's market value and relegated it behind Microsoft Corp and Apple Inc in terms of market value.

Amazon on Thursday reported third-quarter earnings that were more than $2 a share better than analysts had forecast. It purchased online pharmacy PillPack in June, which followed its US$13.7 billion acquisition of Whole Foods previous year to jump start its grocery business.

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Shares of Inc dropped by the most in four years on Friday after its outlook for holiday season sales missed targets, fanning concerns that Wall Street's tech darlings are finally starting to face stronger competition.

The e-commerce giant delivered standout third-quarter earnings of $5.75 a share on Thursday, easily beating the $3.11 that analysts surveyed by Bloomberg had forecast.

Olsavsky, the CFO, also said the company is operating more efficiently, hiring less than in the past and adding less warehousing space.

Global net sales came to $15.55 billion, up 13 percent, with an operating loss of $494 385 million.

Alphabet also reported a net income of $9.19 billion United States dollars ($12.01 billion CAD). A big reason behind that was the absorption of Whole Foods Market and the 87,000 people who work there.

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Amazon reported total sales of $56.6 billion for the third quarter, $500 million below Wall Street's consensus estimate.

Amazon is a company that seems to be midway through a transformation meant to bring soaring profitability via improving margin on the back of its truly staggering sales run rates.

While Amazon's sales forecast missed estimates, USA shoppers are projected to increase their online spending by as much as 22 per cent this holiday season, according to Deloitte Insights. Its "other" revenue, which largely comprises advertising sales, jumped 122% to $2.5 billion.

After falling as low $1028.77, Shares of Alphabet were down about 3 percent to $1,071.01 after hours from their close at $1103.59.

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