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Amazon.com on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat Wall Street forecasts.
Shares plunged by more than 7% after-hours. Before releasing the results, Amazon had finished regular trading up 1.7% to $234.11.
Both Google-parent Alphabet and Microsoft posted big cloud computing revenue gains this month.
AWS profit margins also contracted. Amazon said they were 32.9% in the second quarter, down from 39.5% in this…
