Amazon Reports Increases in Q3 North America Sales, E-commerce; Offers Lower-Than-Expected Q4 Forecast

Amazon Oct. 27 reported third-quarter (ended Sept. 30) net revenue of $78.8 billion, which was up 20% from net revenue of $65.5 billion during the previous-year period. E-commerce sales increased 13% to $53.5 billion, from $50 billion a year ago.

Online sales include media products sold in physical (DVD/Blu-ray Disc) and digital formats, including books, games, videos and software.

Subscription revenue, which includes Prime (and Prime Video) memberships, audiobooks, e-books, digital music and other non-Amazon Web Services revenue, increased 9% to $8.9 billion, compared to $8.1 billion last year.

Home entertainment highlights in the quarter included the premiere of several new entertainment series, including “The Lord of the Rings: The Rings of Power,” which attracted more than 25 million global viewers on its first day, the biggest debut in Prime Video history, and closing in on 100 million viewers to date. The company also premiered three new original and three returning series, including Heidi Klum and Tim Gunn’s “Making the Cut”; “The Outlaws,” starring Christopher Walken and Stephen Merchant; and the thriller “The Peripheral,” starring Chloë Grace Moretz.

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Prime Video kicked off the inaugural season as the exclusive home of NFL “Thursday Night Football,” with more than 15 million viewers for its first game. Live sports also returned to Prime Video across Europe with new seasons of UEFA Champions League soccer in Germany and Italy, Ligue 1 soccer in France, and exclusive coverage of U.S. Open tennis in the U.K.

Meanwhile, Amazon said it expects to generate from $140 billion to $148 billion in global revenue in the fourth quarter. That’s well below industry estimates of $155 billion. The conservative outlook sent Amazon shares tumbling almost 20% in after-market trading.

“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” CEO Andy Jassy said in a statement.

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