Amazon earnings fall for the first time in two years
Amazon’s net sales hit $70 billion in the third quarter, an increase of 24 percent compared with $56.6 billion in the same period last year, but the e-commerce giant saw its net income decreasing to $2.1 billion compared with net income of $2.9 billion in third-quarter 2018.
In after-hours trading on Thursday, Amazon stock dropped nearly 9 percent to $1,624 per share on missing financial estimates. Amazon earnings fall for the first time in more than two years.
“We are ramping up to make our 25th holiday season the best ever for Prime customers a” with millions of products available for free one-day delivery,” Jeff Bezos, Amazon Founder, and CEO said in a statement.