Amazon shares nosedive on grim outlook

Chief Financial Officer Tom Szkutak, speaking on a conference call with analysts, said the company experienced slower growth rates near the end of the third quarter, coinciding with the onset of recent turmoil in global financial markets.

Amazon said it now anticipates full-year revenue of US$18.46 billion to $19.46 billion, below the $19.52 billion that analysts polled by Thomson Reuters were expecting. In July, Amazon had predicted 2008 sales of $19.35 billion to $20.10 billion.

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