Amazon.com, Inc. AMZN reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued weak sales forecast for the fourth quarter.
Amazon reported third-quarter revenue of $127.1 billion, an increase of 15% year-over-year. The total came in shy of a Street estimate of $127.84 billion. The company reported earnings per share of 28 cents in the third quarter, beating a Street estimate of 22 cents per share.
Amazon shares dropped 12% to $97.68 in pre-market trading.
These analysts made changes to their price targets on Amazon after the company released quarterly results.
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