Amazon.com (AMZN) Reports 3Q'11 Results

Amazon.com (AZMN) was tanking in after-hours trading after the company reported 3Q'11 results. I like how Amazon.com starts every quarterly report by first reporting cash flows and then shares outstanding. The 3Q'11 report started with the following.

Operating cash flow increased 19% to $3.11 billion for the trailing twelve months, compared with $2.62 billion for the trailing twelve months ended September 30, 2010. Free cash flow decreased 17% to $1.53 billion for the trailing twelve months, compared with $1.83 billion for the trailing twelve months ended September 30, 2010.

Common shares outstanding plus shares underlying stock-based awards totaled 469 million on September 30, 2011, compared with 465 million a year ago.

Investors appear unhappy with Amazon.com's 3Q'11 results. After Hours: $195.62 Down -$31.53 (-13.88%) 4:27PM EDT on 02011.10.25. 52-week range: $156.77 - $246.71