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Tuesday, April 16, 2024
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Amazon Stock Slammed on Weak Q4 Projections

  • Amazon's stock took a big hit in its first quarter as the exclusive broadcaster of Thursday Night Football.
  • The company's fourth quarter projections came in below expectations.
Amazon-Thursday-Night-Football
Amazon

Amazon posted its first profitable quarter of 2022, but its stock took a serious hit on a weaker-than-expected fourth-quarter projection.

The tech and retail giant saw its total sales climb to $127.1 billion in the third quarter, a 14.7% increase year-over-year. Net income dropped 9% to $2.87 billion. Amazon’s stock dropped 18% in early after-hours trading.

Amazon leaned into sports to draw users to its Prime subscription program.

  • The quarter marked the first one in which Amazon was the exclusive broadcaster of “Thursday Night Football.” The company boasted more than 15 million viewers for the program’s first game.
  • The company also broadcast the UEFA Champions League in Germany and Italy, Ligue 1 in France, and the U.S. Open in the United Kingdom.
  • The company installed retail technology that allows customers to purchase items without the checkout process and pay with their palms in several stadiums, including Crypto.com Arena and Lumen Field.

The company expects operating income between break-even and $4 billion in the fourth quarter, compared to analysts’ expectations of $5.05 billion. 

Stacked Friday

Next year, the company will merge one of its biggest media and retail days after winning exclusive broadcast rights to the NFL’s first Black Friday game following Thanksgiving.

The company reportedly bid between $70 million and $100 million for the game, on top of the $1 billion it pays per season for “TNF.”

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