Amazon reports $56.6 billion revenue in Q3

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Amazon CEO Jeff Bezos touted the success of the company's business supplies unit in a press release, noting that the segment had achieved $10 billion in annual sales. If they can continue to grow its cloud, advertising, and subscription services, its margins will continue to improve and given Amazon's massive revenue, this is a good recipe for mega profits down the line.

Amazon was set to plunge at Friday's opening bell after the company delivered disappointing third-quarter revenue and fourth-quarter revenue guidance.

Amazon also introduced the all-new Fire HD 8 tablet, featuring an 8-inch HD display, a quad-core processor, 16 GB of internal storage with support for up to 400 GB more via microSD, up to 10 hours of mixed use battery life, and hands-free access to Alexa.

Amazon's net income in Q3 came to $2.9 billion, or $5.75 per diluted share, on revenue of $56.57 billion. But overall, Amazon stock is still up more than 49% this year. Analysts had forecast $3.11 per share.

Alphabet reported net profit of $9.2 billion, or $13.06 per share, compared with $6.7 billion, or $9.57 per share in the year-ago quarter. Analysts were expecting $73.9 billion.

Q4 earnings per share (forecast): Between $66.5 billion and $72.5 billion.

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For years, Amazon has made expensive bets on new technology and programs, like its $13.7 billion acquisition of Whole Foods in 2017 to storm the USA grocery industry.

Yet again, Amazon's cloud business gave it a big boost. Operating income was $2 billion.

Amazon has been adding many new features and offerings to AWS, and recently added the T3 service, which offers ultra fast instances powered by the company's Nitro System hardware-accelerate hypervisors. Amazon appeals to advertisers because individuals generally are using the site to shop, unlike users browsing Alphabet Inc's GOOGL.O Google, the ads sales leader, to find general information or rival Facebook Inc FB.O to see updates from their friends.

The company posted an increase in quarterly revenues despite a tumultuous three months for the company that saw political scandals, the cover-up of a major security flaw in its social network Google+ and the absence of its co-founders Larry Page and Sergey Brin - who have withdrawn from the public eye this year. Its "other" revenue, which largely comprises advertising sales, jumped 122% to $2.5 billion.

Despite the lower-than-expected revenue Amazon's finance chief Brian Olsavsky said on a call with reporters Thursday: "We feel it's a really strong quarter".

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