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Amazon broke its quarterly earnings winning streak

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Ahead of the all-important holiday season, Amazon disappointed investors after reporting a quarterly earnings miss Thursday afternoon.

The e-commerce giant's shares dropped following the news of lower-than-expected results, despite it being the company's sixth straight quarter with profitable results.

For Amazon, the results mark the first time this year that the company hasn't met expectations.

The last time Amazon missed earnings expectations was for the fourth quarter of 2015, so the news came as a surprise to investors since the the profit gain was lower than expected. It's net income rose to $252 million, or 52 cents per share, from $79 million, or 17 cents per share, a year ago. 

Analysts had called for 78 cents per share, according to Reuters.

Meanwhile, the online retailer said net sales rose to $32.7 billion, compared to $25.36 billion in the same period last year.

According to Forbes, in the hour after the earnings release, CEO Jeff Bezos lost $3.2 billion.

That said, thanks to stellar Prime Day sales and a solid back-to-school shopping season, the world's largest online retailer reported a 29 percent rise in quarterly revenue.

Amazon has also seen good results beyond e-commerce with its web services business and branded products like its voice-activated Echo. 

It's even expanded its brick-and-mortar footprint, with plans to debut convenience stores and curbside pickup locations.

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