Jeff Bezos Loses $14 Billion as Amazon Stock Plunges

Amazon sinks as revenue growth disappoints

Amazon has announced their financial results for the third quarter, revenue was short of Street expectations, and earnings absolutely crushed analysts' estimates.

"When the stocks that are carrying the markets begin to crack, investors are going take cover". In recent after-hours trading, the company's shares were off $157.16, or 8.8%, to $1,625.01.

Our earlier story this week predicted Amazon's shares would begin to enter a bear market by falling 21% off their high, but Amazons' outlook has significantly deteriorated since then.

Q4 EPS (forecast): The company didn't provide earnings guidance for the holiday period.

Internet titans Google and Amazon came under an investor cloud after posting disappointing sales updates, with the search leader also on the defensive for reportedly hushing up sexual misconduct. Shares of No. 2 online ad firm Facebook Inc, which faces questions about flattening usage limiting revenue growth, had fallen 12.5 percent and were trading at 19 times future earnings.

Amazon Web Services is now contributing more operating income than Amazon.com North America, with $2.077 billion operating income reported for the quarter, versus $2.032 billion for Amazon.com NA. Google's other revenue, which includes its cloud business, grew 29 percent on year, 4 percent below estimates of Cowen & Co. analysts.

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Revenue from Amazon's worldwide business, which brings in 27.5 percent of total sales, was at the heart of the shortfall in results, growth halving to 13.4 percent compared to the previous quarter. The majority of stocks within the S&P 500 are already either in correction or in bear territory, with the latter representing a decline of more than 20 percent.

On the good side, the world's largest e-commerce site reported profit of $2.9 billion, up from $256 million a year ago, and continuing its streak of $1 billion-plus quarterly results following years of meager profits or losses.

Global net sales came to $15.55 billion, up 13 percent, with an operating loss of $494 385 million.

As well, Amazon expanded its Prime Video product with new original shows, launched its Prime Book Box to all of its US-based Prime customers, setup shop in Turkey, improved Alexa, and much, much more. Even with that wage increase, Amazon is still expected to post a 31 percent rise in operating income from the year earlier to $3.3 billion.

The company now groups its advertising group under "other" on its balance sheet. In the previous quarter, the annual rate was a brisk 4.2 percent, the best in almost four years.

Amazon (AMZN): Shares down here, around 7.1%.

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