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Amazon shares fell more than 4% in early U.S. trading after its fourth-quarter revenue forecast—covering the holiday season—came in below analysts’ estimates. The company projected revenue of $240 billion to $247 billion, compared with an average estimate of $244.3 billion. In the third quarter of 2026, Amazon posted revenue of $201.94 billion and earnings per share of $1.89, below expectations of $202.10 billion and $1.96, respectively. Its free cash flow was negative $42.4 billion over the trailing 12 months as spending on artificial intelligence increased. Despite this, AWS revenue grew 39.3% to $45.98 billion, and Amazon maintained its 2026 capital expenditure forecast of about $220 billion.
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