Amazon.com Inc. said on Thursday its net sales for the third quarter of 2022 landed at $127.1 billion, rising 15% compared to the same period a year earlier but still missing estimates.
Net income plunged 9% year on year to $2.9 billion and diluted earnings per share slid 10% to $0.28. Operating income tumbled 49% to $2.5 billion in the third trimester of 2022. The e-commerce giant also stated it expects to achieve revenue between $140 billion and $148 billion in the fourth quarter, which is less than analysts had expected.
"We're ... encouraged by the steady progress we’re making on lowering costs in our stores fulfillment network, and have a set of initiatives that we’re methodically working through that we believe will yield a stronger cost structure for the business moving forward," CEO Andy Jassy stated. "There is obviously a lot happening in the macroeconomic environment, and we'll balance our investments to be more streamlined without compromising our key long-term, strategic bets," he added.
Amazon shares plummeted 18.26% in after-hours trading following the release of the worse-than-expected results.
