Amazon forecasts weaker Christmas sales
Amazon saw its shares plummet on Thursday after it forecast weaker than expected sales over the Christmas trading period.
In its third quarter ending 30 September, the online retail giant increased its net sales to $127.1 billion from $110.8 billion at the same time last year.
While sales in North America grew by 20%, international sales saw a 5% decline.
The company is expecting its fourth quarter revenue to come in at between $140 billion and $148 billion to mark growth of 2% to 8% as shoppers look to rein in their Christmas spending in the face of economic uncertainty.
Amazon chief executive Andy Jassy said in a statement: “There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets.
“What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”
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