Amazon returned to profitability over the summer after two consecutive quarters of losses, but its stock fell sharply in after-hours trading due to weaker-than-expected revenue and disappointing projections for the current quarter.
The company on Thursday reported revenue for the three months that ended Sept. 30 of $127.1 billion, boosted by Amazon's Prime Day, a major sales event for dues-paying Prime members that was pushed back to July this year from June the year before. That helped fuel Amazon's revenue growth of 15% over last year, an improvement from the prior two quarters when revenue grew by only 7% – the slowest in nearly two decades.
"People's budgets are tight, inflation is still high, and energy costs are additional layer on top of that," Amazon's Chief Financial Officer Brian Olsavsky said during a media call. "We are preparing for what could be a slower growth period."Overall, retailers have been feeling skittish about the holiday shopping season and are offering more deals to clear out their inventories and lure in budget-conscious consumers dealing with high inflation.
On Tuesday, Alphabet, the parent company of Google and YouTube, missed revenue expectations as advertisers pulled back their spending over fears about a potential recession. Microsoft posted a drop in profits amid weak computer sales.
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