Poland’s Camerimage film festival was in full swing with a packed-out screening of Top Gun: Maverick and a masterclass hosted by Baz Luhrmann when news broke that a missile had struck within the country, killing two people.
27.10.2022 - 23:43 / deadline.com
Amazon shares plunged more than 20% after hours after shedding 4% during the regular trading day after the company became the latest tech giant to stumble in the third quarter.
In the period ending September 30, revenue rose 15% to $127.1 billion, while earnings came in at 28 cents per share on a diluted basis. The profit number exceeded Wall Street analysts’ consensus estimate, but the revenue line fell slightly below expectations. Results in the Amazon Web Services division also fell short, mainly a 27% year-over-year revenue gain to $20.5 billion.
Shares in Amazon, which had a 20-for-1 split several months ago after a long runup, plunged more than 20% after hours, dipping below $90 after finishing Thursday’s main session at $110.96. It was hard to pinpoint one particular reason for the rush to the sidelines by the investors, but Amazon joined Google parent Alphabet as well as Meta Platforms, Microsoft and other tech names getting battered amid a cyclical downturn.
Volatility was noticeably worse outside the U.S. than in Amazon’s home country. Total operating profit fell nearly in half to $2.5 billion, compared with $4.9 billion in the year-ago quarter. Operating losses in the international unit widened to $2.5 billion from $900 million a year ago, due to a host of issues like foreign currency fluctuations, energy price surges, inflation, supply chain issues and the war in the Ukraine. Revenue in the international segment dropped 5% to $27.7 billion, but without foreign exchange rate changes it went up 12%.
Company veteran Andy Jassy took over last summer as Amazon’s CEO, replacing founder Jeff Bezos, who has remained executive chairman. It hasn’t been smooth sailing for the new top exec. In the company’s earnings
Poland’s Camerimage film festival was in full swing with a packed-out screening of Top Gun: Maverick and a masterclass hosted by Baz Luhrmann when news broke that a missile had struck within the country, killing two people.
The Polish government has convened crisis talks following reports that a Russian missile intended for a Ukrainian power station has landed in the Nato member country, killing two people.
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Amazon shares plunged more than 20% after hours after shedding 4% during the regular trading day after the company became the latest tech giant to stumble in the third quarter.
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