Shutterstock/CNNMoney
Now playing
04:57
Cities are throwing billions of dollars at ... Amazon?
amazon bessemer worker
Senate Budget Committee
amazon bessemer worker
Now playing
02:07
Hear Amazon employee's allegations of union busting
In an interview with CNN in 1999, Amazon founder Jeff Bezos said he was surprised by Amazon's success.
CNN
In an interview with CNN in 1999, Amazon founder Jeff Bezos said he was surprised by Amazon's success.
Now playing
04:06
In 1999 Jeff Bezos told CNN he was surprised about Amazon's success
Now playing
03:20
Andy Jassy will be Amazon's CEO. In 2019, CNN asked him if he wanted the job
David Ryder/Getty Images
Now playing
00:57
How Amazon's Jeff Bezos spends his immense wealth
Shutterstock
Now playing
04:42
Ever receive a package you didn't order? It could be a scam
Now playing
01:25
This robotaxi from Amazon's Zoox has no reverse function
Now playing
02:52
AWS CEO: Businesses are reinventing rapidly
Amazon
Now playing
00:57
Watch Ring's indoor drone prototype patrol a house
Dr. Michael Pecht of the University of Maryland's Center for Advanced Life Cycle Engineering looks at an AmazonBasics microwave from a customer who said it caught on fire.
Heather Fulbright/CNN
Dr. Michael Pecht of the University of Maryland's Center for Advanced Life Cycle Engineering looks at an AmazonBasics microwave from a customer who said it caught on fire.
Now playing
04:23
Dozens of AmazonBasics product are flagged as dangerous, but many are still being sold
The new Amazon Halo fitness band
Amazon
The new Amazon Halo fitness band
Now playing
01:10
See Amazon's new wearable it says can tell if you're stressed out
CNN
Now playing
07:35
We bought a car seat on Amazon. It shattered in a crash test
TOPSHOT - The US Capitol is seen in Washington, DC on January 22, 2018 after the US Senate reached a deal to reopen the federal government, with Democrats accepting a compromise spending bill. / AFP PHOTO / MANDEL NGAN        (Photo credit should read MANDEL NGAN/AFP/Getty Images)
TOPSHOT - The US Capitol is seen in Washington, DC on January 22, 2018 after the US Senate reached a deal to reopen the federal government, with Democrats accepting a compromise spending bill. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Now playing
02:22
Will the government attempt to break up Amazon?​
Photo-Illustration: Shutterstock/CNNMoney
Now playing
02:41
Can Amazon afford to get into the ad business?
SEATTLE, WA - JANUARY 22: A shopper scans the Amazon Go app upon entetering the Amazon Go store, on January 22, 2018 in Seattle, Washington. After more than a year in beta Amazon opened the cashier-less store to the public. (Photo by Stephen Brashear/Getty Images)
Stephen Brashear/Getty Images North America/Getty Images
SEATTLE, WA - JANUARY 22: A shopper scans the Amazon Go app upon entetering the Amazon Go store, on January 22, 2018 in Seattle, Washington. After more than a year in beta Amazon opened the cashier-less store to the public. (Photo by Stephen Brashear/Getty Images)
Now playing
04:27
Amazon is using AI in almost everything it does
Sofia Ordonez/CNN
Now playing
04:24
What happens when Amazon comes for your business?
(CNN Business) —  

For years, investors waited eagerly for Amazon to turn a profit consistently. Now, even a quarterly earnings record isn’t enough for Amazon to impress Wall Street.

Amazon on Thursday reported sales for the third quarter quarter and a sales forecast for the last three months of the year that came in below Wall Street estimates. Amazon (AMZN) stock fell 9% in premarket trading Friday.

The company’s sales hit $56.6 billion for the quarter, a gain of nearly 30% from the same period a year ago, but just shy of the consensus estimate among analysts. Amazon also said it expects sales for the fourth quarter to be between $66.5 billion and $72.5 billion, also below analyst estimates.

The narrow sales miss comes amid broader market jitters that sent tech stocks briefly into correction territory earlier this week. The market has suffered turbulence this month amid concerns about rising interest rates and an escalating trade war with China.

Still, Amazon turned a $2.9 billion profit for the three months ending in September, marking its largest profit to date and the fourth consecutive quarter in which profits topped $1 billion.

“Amazon continued to demonstrate that its various investments are resonating with its very broad and fast-growing customer base, with impressive results across the board,” Charlie O’Shea, Moody’s lead retail analyst, said in a statement.

On a conference call with analysts Thursday, Amazon CFO Brian Olsavsky credited the surge in profits to “strong growth” in two key divisions: Amazon Web Services and Amazon’s nascent advertising business.

Amazon Web Services, which remains the leader in the fast-growing cloud computing market, saw sales jump 46% from the prior year to $6.7 billion. Amazon’s other segment, which is largely made up its advertising business, saw sales more than double to $2.5 billion.

The billion-dollar profit streak puts the company in a stronger position to invest and compete in costly new markets, including healthcare, entertainment and groceries. It also may buoy the company as it raises the minimum wage to $15. On the conference call, Olsavsky said the minimum wage hike would impact “just under” 400,000 workers in the US and UK.