Amazon beats Q3 earnings estimates, misses on revenue

27 October, 2018, 01:48 | Author: Corey Lynch
  • Amazon sinks as revenue growth disappoints

The pay boost should help the company quiet its critics, who have complained about its treatment of warehouse workers, while also allowing Amazon to draw in and retain more workers just ahead of the holidays during a tight labor market.

Disappointing earnings reports from several tech giants rattled markets, including a revenue shortfall from online retail giant Amazon. This quarter they cleared almost $3 billion.

The division's operating profit, meanwhile, grew 77% over the same time period to $US2.1 billion, accounting for more than a third of Amazon's total net profit for the period. That division saw sales jump 35% to $US34.3 billion.

Those results combined with rising expenses brought down the company's operating margin to 25 percent from 28 percent a year ago. The AWS segment isn't slowing down, either.

Amazon's net income in Q3 came to $2.9 billion, or $5.75 per diluted share, on revenue of $56.57 billion.

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.

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.

"Amazon Business has now reached a $10 billion annual sales run rate and is serving millions of private and public-sector organizations in eight countries", Bezos said. Amazon said revenue was hurt by foreign exchange rate changes. Meanwhile, net income has increased to $2.9 billion in the third quarter, which is a big jump from the $256 million from this time previous year. We expect the strong topline momentum to be driven by the healthy consumer spending backdrop, increased adoption / spending among larger cloud enterprise customers, and recent enhancements to Amazon's advertising products.

Overall revenue rose 21 percent to $33.74 billion, missing analysts' estimate by about $310 million, according to Refinitiv data.

Amazon is quickly morphing into a "profit machine", writes Anthony Chukumbo, a senior analyst at Loop Capital. Amazon India registered its best-ever performance in festive sales, which is usually dominated by Flipkart's flagship event, The Big Billion Days sale.

The Seattle-based company touted the growing popularity of Amazon Business, a service tailored as a source of all kinds of equipment and supplies for companies. 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.



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