Amazon Shares Plunge Following Disapointing Holiday Sales

Shares of Amazon.com Inc. plunged more than 4% in after-hours trade on Thursday after the electronic commerce and cloud computing company said its holiday sales fell below expectations.

The e-commerce giant reported net income of $749 million, or $1.54 a share, compared with $482 million, or $1 a share one year ago. Net income surpassed economists’ forecast of $1.37 a share but sales for the period missed the consensus estimate.

The e-commerce giant reported weaker-than-expected holiday sales which only reached $43.7 billion last quarter, while analysts had been expecting sales of $44.7 billion.

The Seattle-based retail giant’s outlook for the fiscal first quarter also came in below expectations with revenue forecast is only within the range of $33.25 billion to $33.75 billion for the current quarter. Analysts expect sales of $36 billion.

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