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Amazon profits suffer largest percentage drop in four years
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Amazon’s profits declined by the largest percentage in more than four years as the online giant said it has spent heavily on coping with the pandemic and delivered a downbeat forecast for the holiday season.
The news sent Amazon’s share price down 4% in after-hours trading.
Net income decreased to $3.2bn in the third quarter compared with $6.3bn in the third quarter of 2020, its largest year-over-year decline since 2017. The company’s revenues, $110.81bn for the quarter, were also below analysts’ expectations.
Investors had expected an earnings decline after Amazon issued a weak forecast three months ago due to global supply-chain and staffing issues. Andy Jassy, Amazon chief executive officer, said those problems would continue to weigh on
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