Amazon posts profit but revenue was weaker than expected

By HALELUYA HADERO
AP Business Writer

NEW YORK (AP) — Amazon returned to profitability after two consecutive quarters of losses this year, but its stock tanked 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.