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Amazon said it expects fourth-quarter revenue to be between $66.5 billion and $72.5 billion, citing an "unfavorable impact" from foreign exchange rates.

The company showed slowing revenue growth in all categories quarter over quarter, including online sales and subscription sales, Amazon Web Services sales and its fast-growing advertising business.

Net income increased to $2.9 billion in the third quarter, or $5.75 per diluted share, compared with net income of $256 million, or $0.52 per diluted share, in the third quarter of 2017.

Shares of the company were down 9.0 per cent at $1,622 in morning trade. Meanwhile, net income has increased to $2.9 billion in the third quarter, which is a big jump from the $256 million from this time past year. The company continues to increase wallet share with existing cloud customers, and acquisition remains strong evidenced by Amazon's healthy pipeline of new enterprise clients. The shares have dropped about 15 per cent from their September high amid a broader market downturn and closed at US$1,782.17 before the results were released.

Amazon, Alphabet and Microsoft all continued growth in cloud services but with signs of deceleration.




Amazon said revenue from the category and some other items grew 122 percent to $2.5 billion in the third quarter.

She added, "It is not that the [Amazon] reported a decrease in income - on the contrary, profits were at a record high - but its sales nudged lower and more importantly its expectations for the all-important fourth quarter holiday shopping period came in a touch below consensus forecasts".

"Weak revenue growth stuck out like a sore thumb", said George Salmon, analyst at Hargreaves Lansdown. In the holiday period past year, Amazon saw sales of $60.5 billion.

"We don't see any real structural issue with Amazon but almost every line in the business is decelerating a tad, and we typically see another deceleration in retail in 4Q, hence are struggling to identify a catalyst", Barclays analyst Ross Sandler said. This is pretty impressive considering Amazon's primary North American retail segment pulled in over $34 billion in sales yet AWS booked just shy of $6.7 billion! That figure, which represents full-time and part-time workers but excludes contractors and temporary personnel, is up from 575,700 last quarter and 541,900 a year ago.

Jeff Bezos, Amazon's chief executive, touted the success of Amazon Business, its division for selling to corporate customers, saying it was now making annual sales of $10bn. Amazon India registered its best-ever performance in festive sales, which is usually dominated by Flipkart's flagship event, The Big Billion Days sale.

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