For years, investors waited eagerly for the era when Amazon would finally turn profits consistently. Now, even a record quarterly profit isn't enough for Amazon to impress Wall Street.

Amazon on Thursday reported 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.

However, Amazon's sales for the quarter and its sales forecast for the upcoming fourth quarter both came in below Wall Street estimates. Amazon stock fell as much as 9% in after hours trading following the earnings results.

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.

What's that you say -- good news is bad news now? Hmm... or is it that investors catch a whiff of a foul stench, and that might be a worsening consumer spending picture in the near-future?

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