Amazon reported its third-quarter earnings on Oct. 24, showing its first drop in year-over-year net income in two years, according to MarketWatch, even as overall revenue grew 24 percent.
In the fiscal quarter ended Sept. 30, Amazon's net sales totaled $70 billion, up from $56.6 billion in the same period in 2018. Both earnings and operating income experienced year-over-year declines, however: Operating income was down from $3.7 billion to $3.2 billion, while earnings dropped from $2.9 billion to $2.1 billion.
Amazon Web Services, the company's cloud computing arm, reported gains in revenue, up to nearly $9 billion — a 35 percent increase year-over-year. During the third quarter, AWS formed a strategic partnership with Cerner, through which AWS' analytics and artificial intelligence capabilities will be applied to Cerner's platform to improve provider experience and patient outcomes.
According to the earnings release, the company expects to see revenue continue to increase in the fourth quarter. Net sales are projected to grow between 11 and 20 percent, to somewhere between $80 billion and $86.5 billion.
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