Amazon shares plunge after disappointing quarterly earnings

Jeff Bezos in Washington — (Image credit: MANDEL NGAN/AFP via Getty Images)

Amazon shares dropped by 9 percent in after-hours trading on Thursday after the e-commerce giant reported third-quarter profit that missed Wall Street's expectations, CNBC reported.

Amazon reported earnings of $4.23 per share, compared to the $4.62 expected by analysts surveyed by Refinitiv. The company also gave bleak revenue guidance for the all-important holiday shopping season. The news set off alarms for investors already concerned about when Amazon will start showing benefits from massive investments it is making in numerous areas, including speeding up shipping, growing its cloud business, and producing films and TV shows.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.