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Amazon shares nosedive on grim outlook

24 Oct 2008

Amazon.com said Wednesday that its profit climbed 48% in the third quarter, but the company reduced its full-year sales outlook, showing that the online retailer cannot escape the weak economy. Its shares dived in after-hours trading.

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.

Read the full article here.