Investors' fear of the report paid off: Amazon plunged 18% on the post-market after declining 4% on the main market

Revenue in the third quarter was $127.1 billion, compared to forecasts of $127.8 billion. The company's free cash flow was down $19.7 billion.

Worst of all are the forecasts. Amazon expects Q4 net sales of $140-148 billion versus analysts' expectations of $155.5 billion.

Falling demand in the economy has hit the retailer very hard. Because of high interest rates and inflation, things are getting worse and worse in the marketplace. It's the fourth IT giant to fall short of expectations. Scary for Apple, whose report is coming out very soon.