Amazon Misses Street Estimates in Q3, Plans to Hire 50K Workers

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Amazon Misses Street Estimates in Q3, Plans to Hire 50K Workers
By Szk7788 (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

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.

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Amazon Misses Street Estimates in Q3, Plans to Hire 50K Workers

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.

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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.

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