Amazon stock (NASDAQ:AMZN) is down more than 5% after the bell as the company reported its latest quarterly earnings results, which included a profit beat but its revenue was below what analysts were calling for in the Wall Street consensus estimate.
For its third quarter of fiscal 2018, the e-commerce giant said it brought in adjusted earnings of $5.75 per share, which was considerably stronger than the profit it brought in during its year-ago quarter, when it amassed adjusted earnings of $3.14 per share, according to data compiled by Refinitiv.
Amazon added that for its third quarter of the fiscal year, its revenue surged 29% compared to the year-ago quarter, reaching $56.6 billion. The figure was below the $57.10 billion that analysts polled by Refinitiv were calling for in their consensus estimate.
The company’s AWS segment saw its revenue increase to $6.7 billion, which is in line with the $6.7 billion that analysts were calling for, according to data compiled to FactSet. Amazon said that for its fourth quarter, it sees its revenue as being in the range of $66.5 billion and $72.5 billion, which is below Wall Street’s projection of $73.79 billion.
AMZN stock is down more than 5.9% after the bell on Thursday following the company’s quarterly revenue miss. Shares had been rising about 7.1% during regular trading hours in anticipation of the company’s latest results.