Amazon revealed a sharp slowdown in growth and warned it faces billions of dollars of extra costs as the world’s largest online retailer was hammered by the chaos gripping global supply chains.

Sales rose by 15pc in the third quarter of the year to $111bn (£80bn), the company said – a significant decline from the 27pc growth in the previous three months and smallest increase since 2014. Profits fell from $6.3bn to $3.2bn, the first drop for more than a year.

Amazon warned growth will slow steeply again in the crucial Christmas period and raised the prospect of its first quarterly loss since 2015.

It came as Apple also disappointed investors by missing sales forecasts as it deals with a backlog of orders. The shares fell in late trading, meaning that Apple is poised to be replaced by Microsoft as the world’s biggest company.

Andy Jassy, the new chief executive of Amazon, said the business is facing “several billion dollars of additional costs” due to a cocktail of problems in its supply chain and surging inflation.

He said a tight labour market, higher wages, supply chain disruptions and increased shipping fees would all hit profits in the coming months, but pledged to limit the impact on consumers.

Mr Jassy said: “It’ll be expensive for us in the short term, but it’s the right prioritisation for our customers and partners.”

Amazon predicted that growth would slow again in the coming months, with revenues climbing by as little as 4pc in the crucial Christmas quarter in what would be its weakest figure on record. The company said that operating profits would be between $0 and $3bn, meaning Amazon is at risk of posting its first loss in six years.

The sales figures, and disappointing forecasts, sent Amazon shares falling by 5pc in after-hours trading in a drop that knocked almost $90bn off its value. The company has faced questions about whether the online retail boom it benefited from last year would continue as high streets and shopping centres reopen.

Amazon is seeking to hire another 250,000 workers around the world before Christmas to help it meet demand for deliveries.

It was the first set of quarterly results posted by Amazon in the company’s 27-year history without Jeff Bezos as its chief executive. Mr Jassy took over in July after serving as head of its profit-spinning cloud division AWS. Mr Bezos, the world’s second-richest person, became executive chairman.

Mr Bezos stepped down as chief executive to focus more time on endeavours such as his space company Blue Origin, which sent the 57-year-old into orbit in July just weeks after he relinquished his post. 

Apple shares fell by more than 4pc after it released quarterly figures that missed Wall Street forecasts, despite reporting a leap in sales and profits.

The iPhone maker said revenues rose by 29pc to $83.4bn, while profits climbed by 62pc to $20.6bn.

Despite the rise, the figures were below expectations and sent shares down by almost 5pc in late trading. The drop means Apple’s market capitalisation is set to fall below $2.5 trillion and putting it beneath fellow tech behemoth Microsoft as the world’s most valuable business.

Apple’s results were the first indication of how well its iPhone 13 range, the company’s latest devices, are selling. The company enjoyed record sales of its previous iPhone 12 model and the company has faced questions about whether its newest devices can keep up momentum.