Amazon predicts sales growth slowdown for holidays, crushing shares


FILE PHOTO: The Amazon logo is seen at the company's logistics centre in Boves, France, October 6, 2021 REUTERS/Pascal Rossignol/File Photo

(Reuters) -Amazon.com Inc on Thursday forecast a slowdown in sales growth for the holiday season, disappointing Wall Street and warning that inflation-wary consumers and businesses had less money to spend.

Amazon's 12% extended-trade stock drop erased about $140 billion in its market capitalization, greater than the entire value of companies such as Morgan Stanley, Netflix and Lockheed Martin.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Robots can make your fries, salads and guacamole. Is this the future of fast food?
Nintendo Switch software to be playable on successor device
Childhood trauma could increase the risk of addiction to short-form videos
Perplexity raising new funds at $9 billion valuation, source says
Trump Media reports $19 million loss in third quarter on TV streaming costs
Super Micro shares fall as server maker misses sales targets, annual filing uncertain
Apple set to face fine under EU's landmark Digital Markets Act, sources say
Amazon CEO denies full in-office mandate is 'backdoor layoff'
Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud

Others Also Read