Amazon forecasts holiday sales slowdown; stock drops 12%.
- Amazon disappointed Wall Street on Thursday by forecasting a Christmas sales drop due to inflation-wary customers and businesses spending less.
- Amazon’s 12% extended-trade stock decline destroyed $140 billion in market valuation, greater than the entire value of Morgan Stanley, Netflix, and Lockheed Martin.
- According to IBES data from Refinitiv, net sales were $127.1 billion in the third quarter that ended Sept. 30.
- In contrast to this, sales grew 9% in 2021 and 38% in 2020.