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Record profit can’t save Amazon from stock downturn

Amazon.com Inc. continues to report record profit, but sales growth is leveling off and shares took a hit in late trading Thursday after the company revealed a conservative revenue forecast for the holiday season.

Amazon AMZN, +7.09% reported third-quarter profit of $2.9 billion, or $5.75 a share, Thursday afternoon, easily topping a quarterly record set just three months earlier as well as analyst expectations. Amazon, which reported earnings of 52 cents a share in the third quarter a year ago, was expected on average to report earnings of $3.08 a share, according to FactSet.

Those profits came from revenue of $56.6 billion, up from $43.7 billion a year ago but slightly lower than the average analyst estimate, which called for sales of $57.1 billion.

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