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Amazon’s holiday-quarter sales forecast misses estimates, shares fall 8%


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Amazon’s holiday-quarter sales forecast misses estimates, shares fall 8%

Amazon.com Inc. forecast fourth-quarter revenue well below analysts’ estimates on Thursday as the world’s biggest online retailer faces fierce competition from Walmart as well as other online retailers, sending its shares down 8 per cent.The company forecast net sales in the range of US$80.0 billion to US$86.5 billion for the crucial holiday quarter. Analysts were…

Amazon’s holiday-quarter sales forecast misses estimates, shares fall 8%

Amazon.com Inc. forecast fourth-quarter revenue well below analysts’ estimates on Thursday as the world’s biggest online retailer faces fierce competition from Walmart as well as other online retailers, sending its shares down 8 per cent.

The company forecast net sales in the range of US$80.0 billion to US$86.5 billion for the crucial holiday quarter. Analysts were expecting revenue of US$87.37 billion, according to IBES data from Refinitiv.

The downbeat outlook reinforces worries that the ongoing U.S.-China trade spat is hurting the U.S. retail industry. Holiday sales typically generate a majority of retailers’ sales and profit.

Amazon also said it expects current-quarter operating income to be between US$1.2 billion and US$2.9 billion, while analysts were expecting US$4.19 billion, according to research firm FactSet.

Net sales rose to US$69.98 billion from US$56.58 billion in the third quarter ended Sept. 30, beating estimates of US$68.81 billion, according to IBES data from Refinitiv.

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The company’s net income fell to US$2.13 billion, or US$4.23 per share, during the quarter, from US$2.88 billion, or US$5.75 per share, a year earlier.

Analysts were expecting a profit of US$4.62 per share, according to IBES data from Refinitiv.

© Thomson Reuters 2019

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