Amazon shares plunged more than 6% in extended trading Thursday after the company reported disappointing third-quarter results and ballooning negative free cash flow, reflecting its swelling AI investments.

Here's how the company did, compared with estimates from analysts polled by LSEG:

Earnings per share: $1.89 vs. $1.96 estimated

Revenue: $201.94 billion vs. $202.31 billion estimated

Wall Street was also looking at other key revenue numbers:

Amazon Web Services: $45.98 billion vs. $45.29 billion, according to StreetAccount

Advertising: $19.64 billion vs. $20.82 billion, according to StreetAccount

The company held steady on its capital expenditure forecast for 2026, saying it continues to expect spending will reach $220 billion this year.

Tech's hyperscalers have been on a blistering spending run to meet the surge in demand for artificial intelligence infrastructure, but signs have begun to emerge that the capex splurge is moderating.…