Amazon's value falls below Microsoft as shares plunge
27 October, 2018, 06:09 | Author: Frank Williams
Amazon followed up its milestone second quarter, in which profits topped $2 billion for the first time, with a more mixed third-quarter report.
Now that the Seattle-based firm has devoured retail players like Borders, Sears and Toys "R" Us, it is facing bigger challenges from multinationals who are making substantial investments to compete, D.A. Davidson & Co analyst Thomas Forte said. The company blamed accounting changes and cautioned that it was being conservative with its outlook. That has resulted in rollercoaster profits in the past, but revenue has largely grown at a breakneck pace as consumers shifted shopping online and away from brick-and-mortar stores. Shares dropped in after-hours trading.
"And we're not slowing down - Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100". The online retailer reported quarterly profit of $5,75 per share above the consensus estimate of $3.14 a share.
Only three brokerages cut their price targets on the stock and four others raised their targets, saying Amazon's long-term growth story remained intact. That purchase happened in the middle of the third quarter last year, which meant that Amazon included only about a month's worth of Whole Foods' revenue in its third-quarter results last year, versus a whole quarter's worth this time around.
Amazon India also announced the launch of Amazon.in in Hindi. "We have everything ready to roll".
Amazon.com, Inc. (NASDAQ: AMZN) shares have taken a slight hit after the company's third-quarter earnings release. Capital expenditures soared to $5.3 billion from $3.5 billion a year ago, with 20 data center sites in development, Porat said.
"Amazon saw a meaningful slowdown in their worldwide division". So far, Amazon has said that hasn't happened.
There were no ratings downgrades from the Wall Street analysts who have nearly universally backed the companies' long-term prospects, but several said there were signs that both were beginning to face tougher competition from tech peers as well as the retail companies Amazon has bullied in recent years.
Up to 53 percent of goods sold on Amazon now come from third-party merchants, the company said on Thursday, marking a steady shift away from traditional retail where Amazon is the seller of a product. The company also issued weaker than expected revenue guidance.
Rivals are hoping to steal some sales from Amazon by mimicking its fast delivery.
AWS accounted for just 12 percent of Amazon's net sales, but the segment's operating income was $2.1 billion. Analysts were expecting $2.4 billion, according to Refinitiv data.
Amazon's chart shows that the stock is nearing two critical technical levels.
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