Amazon (NASDAQ:AMZN) reported revenue of $127.10 billion Vs $127.46 billion.Web services revenue was $20.5 billion against the expectations of $21.11 billion and advertising revenue was $9.55 billion versus the expectations of $9.48 billion.
According to Amazon, it anticipates Q4 revenue to be between $140 billion and $148 billion, up 2% to 8% from the same period last year. Analysts were anticipating sales to total $155.15 billion.
Although sales growth was back in the double digits in the third quarter with a 15% increase in revenue, Wall Street's expectations were not met.
Amazon has had a difficult year thus far, much like the rest of Big Tech, as it deals with macroeconomic challenges, skyrocketing inflation, and rising interest rates. These difficulties came at the same time as a downturn in Amazon's main retail business as customers started going back to physical stores to shop.
In terms of technical analysis, the stock is trading under the downward trend line and this means that bears are in control of the price. The 50-day SMA is about to drop below the 100-day SMA which is another sign that bears will pick up more steam and there could be more sell off in the store.
