Amazon reported strong revenue from its advertising business during the third quarter (Q3) of the year spurred by an uptick in interest across its connected TV platform, streaming app and online goods store, though the company’s overall revenue fell short of Wall Street expectations.
The e-commerce and technology company generated $201.9 billion in revenue during the three months ending September 30, an increase of 12 percent from $180.2 billion last year. Net income totaled $20.7 billion, while diluted earnings declined to $1.89 per share from $1.95 one year earlier. Analysts had expected revenue of approximately $202.3 billion and earnings of $1.97 per share, and Wall Street sent Amazon’s stock price down more than 7 percent in after-hours trading.
Amazon’s advertising business generated $19.6 billion in revenue, an increase of 12 percent from the prior year when excluding currency fluctuations. The growth rate was…
