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Amazon stock takes a beating amid lower profits and weak guidance for the holiday season

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Net income fell to $2.9 billion, compared to $3.2 billion a year ago. CEO Andy Jassy hinted at a more ‘streamlined’ future.

Amazon reported mixed Q3 earnings on Thursday, and Wall Street did not respond kindly. The online retail giant said revenue was $127.1 billion, an increase of 15% year-over-year, but net income fell to $2.9 billion, compared to $3.2 billion a year ago.

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