For its part Amazon stock was down 8.66 percent ahead of Friday's opening, despite seeing its quarterly net profit grow ten-fold from a year earlier to $2.9 billion (roughly Rs. 21,200 crores).
Operating income increased to $3.7 billion in the third quarter, compared with operating income of $347 million in the third quarter of 2017.
In actuality, the company's earnings per share in the third-quarter, which it reported Thursday, were more than 10 days larger than the prior year quarter. Analysts projected $US3.9 billion.
Q4 EPS (forecast): The company didn't provide earnings guidance for the holiday period. Revenue came in below forecasts as well as disappointing fourth-quarter guidance. Shares in Europe and Asia also traded lower on Friday. Shares of No. 2 online ad firm Facebook Inc, which faces questions about flattening usage limiting revenue growth, had fallen 12.5 percent and were trading at 19 times future earnings. Its overall subscription revenue, which comes not just from Prime, but also from Audible.com, Amazon Music, and other services, grew 52% from the third quarter a year ago to $3.7 billion.More news: Jose Mourinho ‘forgives’ Chelsea coach who taunted him and Manchester United dugout
Google's parent company Alphabet released its third-quarter 2018 results, revealing a total revenue of $33.74 billion United States dollars (about $44.04 billion CAD). Revenue jumped 46 percent QoQ and its actually enlarging its lead as the world's biggest provider of public cloud infrastructure.
Investors' focus will be on the company's performance in its Web Services business, which is expected to be a major boost to the company's profitability.
Worldwide net sales came to $15.55 billion, up 13 percent, with an operating loss of $494 385 million. That purchase happened in the middle of the third quarter last year, which meant that Amazon included only about a month's worth of Whole Foods' revenue in its third-quarter results last year, versus a whole quarter's worth this time around. The company continues to increase wallet share with existing cloud customers, and acquisition remains strong evidenced by Amazon's healthy pipeline of new enterprise clients. Amazon shares have roughly tripled in the past three years, while Alphabet is up more than 50 percent.
And the company continued to see success in advertising.
At 9:56 a.m. EDT the Dow Jones Industrial Average was down 274.85 points, or 1.10 percent, at 24,709.70, the S&P 500 was down 42.12 points, or 1.56 percent, at 2,663.45 and the Nasdaq Composite was down 144.96 points, or 1.98 percent, at 7,173.38.