Amazon stock tumbles nearly 10% on weaker-than-expected earnings report

) stock fell over 9% in pre-market trading on Friday after the retail and cloud giant reported third quarter sales guidance that missed analyst estimates.

A bright spot of the report came from its cloud business, Amazon Web Services. AWS raked in $26.3 billion in revenue compared to the $26 billion expected and well above the $22.1 billion during the same time last year. Olsavsky said the company has spent just over $30 billion in the first half of the year on capital expenditures, owing to the growing need for AWS services, including demand for generative AI tools. Amazon expects those investments to increase for the second half of the year, he said.from the likes of Temu and Shein, companies that specialize in low-cost goods that rely on a direct-from-factory supply chain.

Dow Jones futures sold off 350 points, as Amazon and Intel plunged on earnings. The July jobs report missed estimates.Newcastle United have opened talks with Crystal Palace over the signing of England centre-back Marc Guehi in a hugely ambitious move by the club.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon to report second quarter earnings with AWS sales and AI spending in spotlightAmazon is scheduled to post quarterly earnings after the bell on Thursday.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Intel stock plunges 10% as company announces cost cutting plan to slash jobs, suspend dividendShares of Intel fell more than 10% on Thursday, as the company reported worse than anticipated earnings.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »