Amazon (NASDAQ: AMZN) shares were trading more than 3% lower after-hours, following the company's reported Q3 results, with EPS coming in at $6.12, missing the Street estimate of $8.92. Quarterly revenue was $110.8 billion, below the consensus estimate of $111.6 billion.

The company provided its Q4 outlook, expecting revenue to range from $130 to 140 billion, which is below the consensus estimate of $142.5 billion.

Andy Jassy, the CEO of Amazon, said that the company anticipates incurring several billion dollars of additional costs in its Consumer business in Q4 due to labor supply shortages, increased wage costs, global supply chain issues, and increased freight and shipping costs. According to Jassy, it will be expensive for the company in the short term, but it’s the right prioritization for Amazon customers and partners.