Shares of Amazon and Alphabet, the parent of Google, were down sharply after the closing bell on Thursday after the new-media giants posted quarterly financials.
Amazon stock was off 6 percent after it reported revenue of $56.6 billion in the third quarter and earnings of $5.75 a share. Sales were short of the expectations of analysts.
Alphabet stock was off 4 percent after reporting $13.06 in earnings per share, better than what Wall Street was expecting, on revenue of $33.7 billion, which was slightly less than expected.
Google sold $29 billion in advertising in the third quarter, up from $24.1 billion in the same quarter last year.
Amazon, meanwhile, said that its subscriptions services business, comprised largely of digital video and audio, grew revenue by 52 percent to $3.7 billion.
Amazon said earlier this month it is raising its minimum wage to $15 an hour, and the company said Thursday it closed out the quarter with 613,300 employees, 13 percent more than it had a year ago.
Alphabet added 4,090 workers to its ranks during the quarter, ending with more than 85,000 employees.
During the Alphabet earnings call, Google CEO Sundar Pichai vowed to improve the quality of the news it feeds its users, and he noted that YouTube now boasts more than 100 videos that have been viewed more than 1 billion times each.
Both companies posted earnings after a powerful Thursday rally on Wall Street that followed a dramatic fall on Wednesday, and analysts will be dissecting the financial reports thoroughly as they search for clues as to how the general markets might fare in the near future, given how volatile trading has been of late.
In the regular session, Alphabet shares advanced 4 percent on Thursday and Amazon’s rose 7 percent, though most of the gains were surrendered after the closing bell.
