Amazon Reports Mixed Earnings, Stock Price Suffers

Tech Giant's Revenue Falls Short, Profits Decline

Investors Sell Off Shares Amidst Disappointing Results

Amazon, one of the world's largest tech companies, reported disappointing third-quarter earnings on Thursday, October 27, 2022. The company's stock price fell sharply after the market closed, as investors reacted negatively to the mixed financial results.

Amazon's total revenue for the quarter was $127.1 billion, which was below analysts' estimates of $127.6 billion. The company's net income also declined, from $11.2 billion in the same period last year to $9.6 billion in the current quarter. This represents a drop of more than 14%.

The decline in earnings was attributed to a number of factors, including rising costs, supply chain disruptions, and a slowdown in consumer spending. The company also faced increased competition from other e-commerce platforms, such as Walmart and Target.

As a result of the disappointing earnings, Amazon's stock price fell by more than 7% in after-hours trading. The stock is now trading at around $110 per share, which is significantly below its 52-week high of $189.77.