SEATTLE, Oct. 28 (UPI) — Amazon.com’s revenue and profit for the third quarter of 2016 wasn’t what analysts were expecting.
In its quarterly earnings report, the online retailer posted $32.7 billion in revenue — up nearly 30 percent over $25.3 billion last year.
Shares of Amazon, though, declined nearly 5 percent in trading Thursday.
Overall, Amazon’s profit for the third quarter was $252 million, or 59 cents per share — an increase over $79 million from Q3 2015.
The company’s earnings were below the 79 cent per share profit many analysts were expecting.
Amazon expressed confidence going forward with new and emerging products in a news release Thursday.
“Alexa may be Amazon’s most loved invention yet — literally — with over 250,000 marriage proposals from customers and counting. And she’s just getting better,” CEO Jeff Bezos said in a statement. “Because Alexa’s brain is in the cloud, we can easily and continuously add to her capabilities and make her more useful — wait until you see some of the surprises the team is working on now.”
For the fourth quarter, Amazon predicted net sales of $42-$45 billion.