Amazon reports sales and profit shortfall in 3Q
ABC News
Amazon is forecasting revenue growth for the holiday quarter that is below analysts’ expectations, the latest evidence that the pandemic-induced online splurging is easing
NEW YORK -- Amazon is forecasting revenue growth for the holiday quarter that is below analysts' expectations, the latest evidence that the pandemic-induced online splurging is easing.
The disappointing forecast, announced Thursday, comes as the Seattle-based online behemoth posted profits and revenue for the third quarter that also fell short of Wall Street estimates. Amazon also said it expects to incur several billions of dollars in extra costs in labor and other expenses as it deals with supply chain snarls and labor shortages.
“We’ve always said that when confronted with the choice between optimizing for short-term profits versus what’s best for customers over the long term, we will choose the latter — and you can see that during every phase of this pandemic,” said Andy Jassy in looking back at his first full quarter as CEO.
Jassy succeeded founder Jeff Bezos in that role in July. Bezos is now executive chairman.
