NEW YORK (AP) — Amazon's push for faster delivery is hurting its profits.

The online retailer said its third-quarter net income fell 26% from a year ago, missing Wall Street expectations. Its sales outlook for the holiday shopping season also disappointed analysts, and its stock sank 7% in after-hours trading.

Amazon is moving to cut its delivery time in half to one day instead of two. To do that, it's adding more workers in its warehouses and expanding its shipping network with more trucks, jets and package sorting facilities.

The effort is costing the company about $1.5 billion, nearly doubl...