The world’s largest retailer shocked investors last night with a bleak forecast for sales.
Amazon warned that its operating profits could be all but wiped out in the fourth quarter as it grapples with the highest inflation in a generation and intense competition. Shares in the group dropped 14.4 per cent, or $15.97, to $94.99 during out-of-hours trading.
Amazon’s profits fell 9 per cent to $2.87 billion in the third quarter, as net sales increased 15 per cent to $127.1 billion, short of expectations.
The company braced investors for sales of $140 billion to $148 billion in the fourth quarter. Analysts were expecting $155.15 billion. Operating profits could be anywhere between nothing and $4 billion during the period, it said, heightening apprehension over trading during
