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Amazon profits, US economy rebounds

Mount Equity Group Tokyo Japan > News > Markets > Amazon profits, US economy rebounds

Amazon posts profit but revenue was weaker than expected

NEW YORK — — Amazon returned to profitability after two consecutive quarters of losses this year, but its stocks tanked due to weaker than expected revenue as well as the company’s disappointing projections for the current quarter. Amazon reported revenue of $127.1 billion, less than the $127.4 billion analysts surveyed by FactSet had predicted. The company expects revenue for the fourth quarter to be between $140 billion and $148 billion, a growth of 2% and 8% compared with the fourth quarter of last year. Amazon said it anticipates an unfavorable impact from fluctuations in foreign exchange rates.

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US economy returned to growth last quarter, expanding 2.6%

WASHINGTON — — The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in…

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