Amazon shares fall 7% after Q3 revenue miss, weak ad growth offset strong AWS outlook

Amazon reported Q3 revenue of $201.9B and EPS of $1.89, both below consensus. AWS grew 39.3%, beating estimates but missing the 40% threshold some investors wanted. Advertising growth slowed to 12%. The company guided Q4 revenue in line with expectations and offered a rare multi-year AWS forecast of 40% annual growth in 2027-2028.