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The third quarter results late on Thursday was the second time running that billionaire Jeff Bezos' firm had fallen short of Wall Street's lofty sales targets, and the numbers sent a shockwave reverberating through global stock markets.

Analysts had expected third-quarter revenues of $57.1 billion in revenue, but Amazon reported $56.6 billion-which is still up 29% from a year ago.

Fundamentals seem strong. Amazon reported net income 10 times higher than the same period a year ago, at $2.8 billion, again topping $1 billion for the fourth straight quarter.

The fall of as much as 9 percent in shares knocked more than $80 billion off Amazon's market value and relegated it behind Microsoft Corp MSFT.O and Apple Inc AAPL.O in terms of market value.

Heading into the print, Stifel analyst Scott Devitt has raised his near- and long-term revenue estimates for Amazon's retail, advertising, and AWS businesses and modestly increased his margin forecasts.

While US economic growth kept apace despite trade wars, the same can not be said of USA corporate profit growth, as a slew of disappointing forecasts this earnings season showed how tariffs, rising wages and borrowing costs as well as jitters over geopolitical events are hurting companies. Revenue came in below forecasts as well as disappointing fourth-quarter guidance.

In similar fashion, Goldman Sachs analyst Heath Terry reiterated his Buy rating for Amazon, saying he is still optimistic the company is in the early innings of several big markets.

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The troops are also expected to provide tents and medical care for Border Patrol agents and other officers patrolling the border. It's not yet clear from reports if the 800 new troops will be from the National Guard or a different branch of the USA military.

Revenue from Amazon's worldwide business, which brings in 27.5% of total sales, rose 13.4 percent in the third quarter, missing estimates, and decelerating from a 27% year-on-year expansion in the previous quarter.

Q4 earnings per share (forecast): Between $66.5 billion and $72.5 billion. Revenue jumped 29 percent to $56.6 billion, below a projected $57.10 billion.

Amazon also is investing in physical stores and the pharmacy business. "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".

Amazon Web Services Q3 sales were up 46 percent year-over-year to $6.68 billion. It purchased online pharmacy PillPack in June, which followed its US$13.7 billion acquisition of Whole Foods past year to jump start its grocery business.

That's a 21 percent increase compared to the same time a year ago.

The company now groups its advertising group under "other" on its balance sheet. 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.

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