Market Updates
Amazon.com Plunges 18% On Fourth Quarter Slow Growth Outlook
Scott Peters
27 Oct, 2022
New York City
Amazon.com, Inc plunged 20.4% to $88.20 after the online retailer guided weak fourth quarter outlook.
Third quarter revenue increased 15% to $127.1 billion from $110.8 billion and North America segment sales increased 20% to $78.8 billion.
Net income in the quarter decreased to $2.9 billion or 28 cents from $3.2 billion or 31 cents a diluted share.
Amazon guided fourth quarter sales between $140.0 billion and $148.0 billion, an increase between 2% and 8% from a year ago.
This guidance anticipates an unfavorable impact of approximately 460 basis points from foreign exchange rates.
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