Google's parent company Alphabet posts $33.74 billion United States dollars Q3 revenue

Amazon sinks as revenue growth disappoints

Amazon followed up its milestone second quarter, in which profits topped $2 billion for the first time, with a more mixed third-quarter report.

Amazon expected sales in the holiday quarter leading up to Christmas to rise between 10 percent and 20 percent, or up to $72.5 billion, while analysts were expecting $73.9 billion, according to Refinitiv data.

Amazon reported net income of US$2.88 billion, or US$5.75 a share in the third quarter, from US$256 million, or US52¢, a year earlier.

Analysts have been watching the company's AWS cloud services business, and Amazon met, but did not beat Wall Street estimates, reporting revenues of $6.7 billion.

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Devitt noted, "Our 3Q:18 topline estimate of $57.1B is in line with consensus expectations and near the high-end of the guided range ($54.0B- $57.5B)".

Our earlier story this week predicted Amazon's shares would begin to enter a bear market by falling 21% off their high, but Amazons' outlook has significantly deteriorated since then.

Shares in Alphabet fell about 6 per cent, knocking about $45 billion off its market value after it fell short on sales after beating estimates for the past eight quarters.

In a time of low interest rates, Amazon and Google have offered investors the chance to hitch a ride on the fast-growing e-commerce, digital advertising and cloud-computing markets buoyed by a steady global economy, Bloomberg explained. As well, the company is anticipating an operating income between $2.1 billion and $3.6 billion, this compared to Q4 2017's $2.1 billion.

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"We're not slowing down - Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100", Bezos said in a statement. "The second thing is they're anxious about competition", he said, noting that there were both signs of a slowing economy and that major retailers were aggressively deploying strategies to compete with Amazon for holiday sales. Analysts estimated profit of US$3.11 a share. Revenue came in below analysts projections.

In the third quarter, Amazon introduced a new family of Echo smart home speaker devices.

The company's phenomenal success in recent years has also drawn criticism, with some, particularly U.S. Senator and former 2016 election candidate Bernie Sanders, alleging the tech giant underpays its warehouse workers, prompting CEO and founder Jeff Bezos to announce that the company will now raise its minimum wage to $15 (£11.53) per hour. North American retail operations are doing much better than the years of yore that saw the company lucky to count two percent margin.

As of this writing, Amazon shares are rising almost 7% to $1,783.

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