Amazon’s third-quarter earnings increased on a profitable forecast

  • Shares of Amazon Pre-market trading fell 2 percent on Friday after the e-commerce giant said fourth-quarter profit was lower than Wall Street estimates.
  • Profit estimates surpass Amazon’s third-quarter earnings; Its sales growth rose to 37%, shattering revenue expectations.
  • Amazon said its fourth-quarter operating profit will drop from $ 1 billion to $ 4.5 billion. This is below the street estimate of $ 5.81 billion.
  • Watch Amazon Business Live Here.

Amazon Profit estimates fell to 2% on Friday after disappointing fourth-quarter profit estimates and outperforming third-quarter earnings results.

The e-commerce giant broke third-quarter earnings expectations, with earnings per share at $ 12.37 and $ 7.41. Amazon reported $ 96.1 billion (expected $ 92.71 billion) in revenue and sales growth, up 37 percent.

Amazon said operating profit is likely to decline in the fourth quarter. It is estimated that about $ 4 billion will be spent on COVID-19 related costs.

Amazon said operating profit would fall between $ 1 billion and $ 4.5 billion in the fourth quarter. This is below the street estimate of $ 5.81 billion.

Amazon reported on Thursday that Amazon Web Services had $ 11.6 billion in sales in the third quarter, in line with street expectations. Physical-store sales fell 10 percent to $ 3.78 billion. Amazon’s advertising business sold $ 5.4 billion.

In the third quarter, Amazon’s workforce crossed one million for the first time. The e-commerce giant now has 1.13 million employees, a 50% increase over last year.

Read more: Goldman Sachs shares 10 high-growth stocks that investors are recommended to buy when investing in companies that invest money to grow their businesses in 2021.

See also  New calls to boycott the hobby lobby on a pro-Trump display
Written By
More from Jake Pearson
EU could raise 17 170 billion by raising global corporate taxes by 25%
Flags of the European Union and France (pictured). – Nicholas Messiah /...
Read More
Leave a comment

Your email address will not be published. Required fields are marked *