Tuesday, May 28, 2024

Amazon stock dives as sales, earnings disappoint


SAN FRANCISCO - Amazon missed Wall Street expectations, sending shares in the high-flying stock diving.

The Seattle retailer reported $1 earnings per share on sales of $35.7 billion.

The consensus earnings estimate had been $1.58 per share on revenue of $35.98 billion, according S&P Capital IQ consensus estimates.

Amazon stock (AMZN) was down 11.3% on the news in after hours trading Thursday.

Amazon’s own guidance for the fourth quarter was that would make revenue of between $33.5 and $36.7 billion.

Revenue increased 22% for the holiday quarter.

The Seattle online retailer's income was $482 million, up from $214 in the same quarter a year ago.


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Author: Red

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