Looks like tomorrow will be another off day.
Amazon.com cut down late
Shares down double digits as company misses marks
Oct. 25, 2011, 5:08 p.m. EDT
Amazon.com, Broadcom fall in after-hours trading
By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) — Amazon.com Inc. shares dropped sharply Tuesday evening, hit after the online retailer’s quarterly results missed Wall Street’s marks, and a soft sales outlook weighed on shares of Broadcom Corp.
Stock in Amazon recently fell 14% to $195.34 following the company’s report of a 73% fall in third-quarter earnings to $63 million, or 14 cents a share. Revenue jumped 44% to $10.88 billion, but spending rose by even more. The results were short of the consensus estimates from FactSet Research, which had pegged earnings at 24 cents a share on revenue of $10.95 billion for the quarter.
Also, Amazon.com forecast fourth-quarter revenue of $16.45 billion to $18.65 billion, compared with Wall Street’s projection of $18.15 billion.
Broadcom shares slumped 4.8% to $34.10. The company, which makes chips for devices ranging from networking products to mobile phones, said it expects fourth-quarter revenue of $1.7 billion to $1.8 billion. Analysts currently expect revenue of $2 billion.
For the third quarter, adjusted earnings at Broadcom were 82 cents a share, and sales rose to $1.96 billion from $1.81 billion a year ago. Wall Street had expected 77 cents a share on revenue of $1.95 billion. Net earnings were $270 million, or 48 cents a share, compared with $328 million, or 60 cents a share, in the year-earlier period. Read more about Broadcom's results.
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More: http://www.marketwatch.com/story/amazon-broadcom-results-due-after-hours-2011-10-25?dist=afterbell
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