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Tuesday, April 16, 2024
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Amazon Generates $110.8B, Falls Short of Expectations

  • Amazon missed estimates for Q3 2021.
  • The retail and tech giant faced a number of supply chain issues.
Amazon Games/Design: Alex Brooks

Amazon generated $110.81 billion in revenue in the third quarter, missing Wall Street estimates of $111.6 billion.

The company faced a number of the supply chain issues plaguing industries worldwide and increased competition from consumers returning to brick-and-mortar stores.

CEO Andy Jassy has said that gaming could become the entertainment industry’s largest category and Amazon highlighted its growth in the category in its quarterly report.

  • The company released the PC title “New World” on Sept. 28 for $40.
  • The game became the highest-played new title this year on Steam.
  • During its launch week, “New World” was the most-watched game on Twitch.

The retail and tech giant bought Twitch, a gaming-focused streaming platform, in 2014 for around $1 billion. Twitch generated roughly $2.3 billion in revenue last year.

Amazon also has Prime Gaming. Earlier this month, the service announced partnership with Riot Games, the developer behind the massively popular “League of Legends.”

Amazon plans to alleviate the logistical challenges it faced in Q3 by hiring 275,000 permanent and seasonal employees ahead of the holiday season.

The company expects between $130 billion and $140 billion in sales during Q4.

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