Shares of Amazon plunged on after-hours trading on Thursday after the company predicted less than spectacular sales for the important holiday shopping season.
Amazon shares were down almost 20 percent in extended trading after the Seattle-based tech giant predicted revenue would be $140–148 billion in the three-month period ending the year, missing out on analysts’ average estimate of $156 billion.
The plunge in shares wiped roughly $202 billion of its valuation and marked one of the biggest one-day sell-offs in history.
The company reported revenue of $127.1 billion in the third quarter, narrowly missing out on analysts’ forecasts of $127.5 billion, while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior….