Amazon Shares Plunge on Forecast for Sluggish Holiday Sales
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Amazon.com Inc., shocking Wall Street, projected the slowest holiday-quarter growth in the company’s history. The shares plunged about 14% in premarket trading.
Amazon.com Inc., shocking Wall Street, projected the slowest holiday-quarter growth in the company's history. The shares plunged about 14% in premarket trading.The Seattle-based company, which reaped record profits during the pandemic, said sales during the current period will rise just 2% to 8% as shoppers reduce their spending in the face of economic uncertainty. Either figure would be the slowest increase ever for Amazon's “Peak” season, which usually finds warehouse employees rushing to get orders out on time. And the e-commerce giant's other businesses aren't riding to the rescue. Amazon Web Services, the cloud-com...