Amazon Q3 earnings jump, but still miss mark

Despite gains in the third quarter, Amazon’s stock fell 6% in extended trading.



The pure-play retailer’s net sales increased 29% to $32.7 billion for the third quarter ending Sept. 30, 2016, compared with $25.4 billion in third quarter 2015. The company credits the jump to $52 million in year-over-year changes in foreign exchange rates throughout the quarter.



The company’s operating income was $575 million in the third quarter, compared with $406 million in third quarter 2015. Meanwhile, net income was $252 million compared to third quarter 2015.



Despite these gains, the company posted earnings per share of 52 cents, well beneath analysts’ expected 78 cents, according to Tech Crunch.



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