Amazon Shares Fall After Quarterly Miss, Disappointing Outlook
Shares of Amazon fell 9.5% to $283.17 in after-hours trade after reporting weaker-than-expected third-quarter earnings and sales late Thursday and a disappointing outlook for the current quarter. The e-commerce giant posted a loss of $437 million, or 95 cents per diluted share, compared with a year-earlier loss of $41 million, or 99 cents a share. That missed the FactSet consensus estimate of a 76-cent loss. The Seattle-based company reported total sales of $20.58 billion, up 20% from a year ago but below average analyst estimates of $20.8 billion,according to FactSet. For the fourth quarter, Amazon is anticipating sales between $27.4 billion and $30.30 billion, below average analyst estimates of $30.86 billion, according to FactSet. Shares of Amazon fell 9.5% in recent after-hours trade after closing flat at $313.18 on the day.
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