Amazon Shares Falls As Growth Disappoints

Amazon, the great online e-commerce group has witnessed s fell in share growth by 6 percent in the after hours trading on Thursday.

The e-commerce group has reportedly beaten mixed quarterly results but fell on expectations on revenue earnings.

The company posted third-quarter earnings per share of $5.75 on net income of $2.9 billion, thereby exceeding their expected earnings per share of $3.14, as recorded by Refinitiv data. Revenue skyrocketed by 29 percent to $56.6 billion, which is below their projected $57.10 billion.

 

The e- commerce giant CEO Jeff Bezos, applauded the success of the company’s business supplies unit in a press conference, commending their  achievement of $10 billion in annual sales.

Furthermore in his speech, “Amazon Business has now reached a $10 billion annual sales run rate and is serving millions of private and public-sector organizations in eight countries” he said.

 

The group has cited its fourth-quarter revenue of $66.5 billion and $72.5 billion from unfavorable impact from foreign exchange rates.

 

They have also cited their interest of not slowing down by on business by adding rapid customers of both large educational institutions and local governments.

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