The fall in shares, if replicated when USA stock markets open officially, would knock almost $90 billion off Amazon's market value and relegate it behind Microsoft and Apple in terms of market value.
Amazon is a company that seems to be midway through a transformation meant to bring soaring profitability via improving margin on the back of its truly staggering sales run rates. The AWS segment isn't slowing down, either. Revenue jumped 29 percent to $56.6 billion, below a projected $57.10 billion. "We're very happy not only in the strong membership numbers", Olsavsky said Thursday, "but also in the continued strength of engagement" of Prime's shipping benefits and Prime Video.
Google's parent company Alphabet released its third-quarter 2018 results, revealing a total revenue of $33.74 billion United States dollars (about $44.04 billion CAD). The growth is likely coming from Amazon's cloud business, its burgeoning advertising business, and its third-party sellers marketplace.
There were no ratings downgrades from the Wall Street analysts who have nearly universally backed the companies' long-term prospects, but several said there were signs that both were beginning to face tougher competition from tech peers as well as the retail companies Amazon has bullied in recent years.
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Amazon Web Services' net sales came to $6.7 billion for the quarter, growing 46 percent year-over-year.
Net sales are expected to be between $66.5 billion and $72.5 billion, or to grow between 10% and 20% compared with fourth quarter 2017.
A large part of the reason for investor disappointment was that Amazon does not expect to do as well over the Christmas season as it had hoped.
Intel Corp defied weakness to gain 3.6 percent after its better-than-expected quarterly results, though interim Chief Executive Officer Bob Swan said trade tensions with China could be a "headwind" next year.
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Amazon is quickly morphing into a "profit machine", writes Anthony Chukumbo, a senior analyst at Loop Capital.
Operating Profit upside was AMZN's biggest ever. Amazon, however, did manage to narrow losses from its global business.
"In general the cloud business will continue to grow but not at the previous pace and that's an indication of the market maturity", says Sid Nag, senior director, cloud technologies and services, Gartner Research. "We continue to believe there is massive runway ahead".
"With consumer sentiment and employment rates near 18-year highs and ongoing store closures in the USA, we believe Amazon's strong retail sales growth will continue through the balance of the year and beyond", the analyst added.
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