Amazon shares fall 9% despite record $2.9 billion profit
Shares of Amazon fell over 9% in extended trading on Thursday despite the company posting a record $2.9 billion profit for the July-September quarter. This is the fourth straight quarter that the e-commerce and cloud computing giant has topped $1 billion in profit. However, Amazon projected smaller than expected sales in the current quarter, which includes the holiday season.
Amazon, is an American electronic commerce and cloud computing company based in Seattle, Washington, that was founded by Jeff Bezos on July 5, 1994.
Amazon.com is the world’s third-largest information technology company by revenue.
Amazon shares fall 9% despite record $2.9 billion profit< Business News