Amazon posts weaker-than-expected 3Q revenue, stock tumbles

Published October 27, 2022 2:53 PM

By HALELUYA HADERO
AP Business Writer

NEW YORK (AP) — Amazon has reported that it returned to profitability after two consecutive quarters of losses this year. But its stock tumbled due to weaker-than-expected revenue as well as the company’s disappointing projections for the current quarter. Amazon reported revenue of $127.1 billion, less than the $127.4 billion analysts surveyed by FactSet had predicted. The company expects revenue for the fourth quarter to be between $140 billion and $148 billion, a growth of 2% and 8% compared with the fourth quarter of last year. Amazon said it anticipates an unfavorable impact from fluctuations in foreign exchange rates.