From Seattle's own, GeekWire, October 27:
In-depth Amazon coverage from the tech giant’s hometown, including e-commerce, AWS, Amazon Prime, Alexa, logistics, devices, and more
Amazon stock dipped nearly 20% in after-hours trading Thursday following the company’s third quarter earnings report.
The Seattle company met expectations for third quarter revenue, reporting $127.1 billion, up 15% year-over-year. It reported a net income of $2.9 billion, or $0.28 per share, which beat expectations.
But its fourth quarter guidance came in lower than expected at $140 to $148 billion (up 2 to 8% year-over-year), compared to estimates of $155 billion. Operating income is expected to be between $0 and $4 billion, compared to $3.5 billion in Q4 of 2021 — the wide forecast range demonstrates broader economic uncertainty.
Amazon is among a flock of tech giants that saw business surge during the pandemic but have seen their stock prices drop dramatically this year amid macroeconomic headwinds such as rising inflation, recessionary fears, and supply chain woes. Microsoft reported its slowest revenue growth in five years this week and Meta shares dropped more than 20% after missing earnings expectations.
Amazon in particular is susceptible to inflation, as well as a return to in-person shopping, both of which can impact its online stores revenue. Rising fuel, energy, and transportation costs also affect its top and bottom lines.
The company’s operating income for third quarter decreased to $2.5 billion, compared to $4.9 billion in the year-ago period.....
....MUCH MORE, including a clean, concise look at the various businesses.
In addition to AMZN, we like GeekWire for their Microsoft coverage as well as the overall Seattle tech scene.
But today the story is Amazon:
Amazon CFO says tech giant is preparing for ‘what could be a slower growth period’
Amazon readies 172,000-square-foot Kirkland factory to build Kuiper satellites
