Amazon.com, Inc. (NASDAQ:AMZN) is out with third quarter earnings. The earnings missed on the top line of Wall Street expectations. Analysts were focusing on sales growth and operating expenses.
The net income for the quarter amounted to -$0.60 cents per share, down from the corresponding quarter of 2011 when EPS was 14 cents. Total revenue came up to $ billion, which is $13.81 billion a large increase from the year ago period, when the revenue was $10.9 billion.
Amazon.com, Inc. (NASDAQ:AMZN) launched cloud computing services, like Amazon Glacier, in Q3, which is a data storage solution.
Amazon.com, Inc. (NASDAQ:AMZN) announced that “THE $199 KINDLE FIRE HD IS THE #1 BESTSELLING PRODUCT ACROSS AMAZON WORLDWIDE.”
Amazon.com, Inc. (NASDAQ:AMZN) is hiring 50,000 seasonal workers across the United States for the Holiday season.
The expectation of EPS for this quarter was 5 cents per share. Amazon beat earning expectations in Q2 2012, by reporting profit of 16 cents per share against the expectation of only 2 cents a share. The revenue for Q3 was expected to fall at $13.6 billion. The sales grew by 29 percent in the last quarter of 2012 to $12.8 billion, whereas the Street expected revenue for Q2 2012 to equal $12.9 billion.
The company sees Q4 sales of $20.25 billion to $22.75 billion. Q3 net product sales came in at$11.55 billion versus $10.79 billion in Q2.
Amazon’s competitors in the digital arena include eBay (NASDAQ: EBAY), and retailers, like Wal Mart (NYSE: WMT) and Best Buy Co., Inc. (NYSE:BBY). Best Buy Co., Inc. (NYSE:BBY) just reported a lukewarm third quarter, and is seriously hampered by competition from Amazon and eBay.
Amazon.com, Inc. (NASDAQ:AMZN) shares are down 4 percent in after hours trading on the news.