Amazon’s Q3 earnings disappointed investors and shareholders alike as the reported earnings per share did not meet the market consensus.
Initially, market analysts expected the retail giant to report EPS of $4.46; however, on Thursday, it was revealed that the earnings per diluted share had reached only $4.23.
The negative market surprise of -5.16 per cent is the second consecutive quarterly disappointment for the company after it failed to deliver on investors' anticipations in Q2.
Additionally, the net income of Amazon had decreased to $2.1 billion in Q3, compared with the recorded $2.9billion for the same period last year.
Thus, on a year to year basis, the EPS of Amazon had decreased by $1.52.
The retail company’s operations have suffered from muted international trade and growing uncertainty, both stemming from the prolongation of the US/China trade impasse in negotiations.
Yet, it is fair to expect a positive rebound in Amazon’s business as soon as there is more clarity in relation to the trade relationships of the two economic superpowers.
Moreover, the festive period 2019 is drawing nearer and Christmas time is typically the busiest stretch throughout the year for such major retailers. Jeff Bezos, Founder and CEO of Amazon, stated that:
“We are ramping up to make our 25th holiday season the best ever for Prime customers — with millions of products available for free one-day delivery. Customers love the transition of Prime from two days to one day — they’ve already ordered billions of items with free one-day delivery this year.”
Amazon’s share price generated a 1.09 per cent gains during Friday’s trading session, despite having opened with an 83 dollars’ gap.
For the time being the major support level at 1692.45 remains prevailing and the share price appears to be targeting the minor resistance at 175850.
AMZN 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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