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Jeff Bezos, CEO and founder of Amazon
Amazon on Thursday posted third-quarter earnings that beat on profits but missed on sales. Shares are now under pressure, as investors worry about its softer-than-anticipated revenue forecast for the coming holiday season.
The tech giant earned $5.75 a share, well above the $3.11 expected by Wall Street analysts. But the company's $56.6 billion sales fell short of the $57.1 billion that was anticipated.
More disappointingly, the retailer said it will generate $3 to $5.54 earnings per share on $66.5 billion to $72.5 billion sales. Analysts were expecting $5.79 profits per share out of $73.8 billion revenues.
The retailer remains confident in its business.
"We're not slowing down - Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100," said CEO Jeff Bezos in a press release. He added that surging profits from its North American retail and Amazon Web Services (AWS) cloud computing businesses helped boost its bottom line.
Nearly every analyst across Wall Street was impressed by Amazon's solid margins across all segments and reiterated bullish views on the stock.
Here's what Wall Street is saying about the quarter: