AMZN Stock Falls On Earnings Report| Investor's Business Daily

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Amazon stock plunged after reporting third-quarter results late Thursday that beat on earnings but gave an outlook that fell short.




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The company reported adjusted earnings of 28 cents a share on revenue of $127.1 billion. Analysts expected Amazon to report earnings of 22 cents a share on revenue of $127.4 billion, according to FactSet.

Revenue climbed 15% from the year-ago period. That marks a return to double-digit growth after three straight quarters of growth in the single digits.

But for its fourth quarter, Amazon expects revenue in the range of $140 billion to $148 billion. The midpoint of $144 billion is below estimates of $155.1 billion.

AMZN stock plunged  11% to 98.40, during morning trading on the stock market today.

AMZN Stock: Web Services Sales Fall Short

Amazon Web Services, its cloud-computing unit, showed sales of $20.5 billion, below estimates of $21 billion but up 28%.

“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” Chief Executive Andy Jassy said in a written statement with the earnings release.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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