Amazon reports sales and profit shortfall in 3Q

<p><p>NEW YORK — Online behemoth Amazon reported a shortfall in third quarter profits and sales as the pandemic-induced online splurging eases.</p></p><p><p>The Seattle-based company reported a profit of $6.2 billion, or $6.12 per share for the three-month period ended Sept. 30 compared with $6.3 billion, or $12.37 per share a share, during the year-ago period. Revenue jumped 15% to $110.8 billion.</p></p><p><p>Analysts surveyed by FactSet on average expected $111.55 billion in quarterly revenue and per-share earnings of $8.90.</p></p><p><p>In July, Amazon warned that revenue would be in the range of $106 billion to $112 billion for the third quarter. Still, the quarter marks the fourth consecutive one of revenue topping $100 billion.</p></p><p><p>Amazon is one of the few retailers that has prospered during the pandemic.</p></p><p><p>As physical stores selling non-essential goods temporarily or permanently closed, people stuck at home turned to Amazon for everything from groceries to cleaning supplies.</p></p><p><p>But Amazon is seeing a slowdown in sales growth as a result of the company lapping against last year’s huge pandemic-induced shopping binges.</p></p><p><p>The slowdown also reflects that people, particularly in Europe and the U.S., are more mobile and are doing other things besides shopping online.</p></p><p><p>Amazon’s other businesses expanded, too. Sales at its cloud-computing business, which helps power the online operations of Netflix, McDonald’s and other companies, grew 39% in the quarter.</p></p><p><p>And at its unit that includes its advertising business, where brands pay to get their products to show up first when shoppers search on the site, sales rose 49%.</p></p>