The Fort Worth Press - Amazon warns of meager holiday season sales growth

USD -
AED 3.67303
AFN 69.934881
ALL 93.879891
AMD 394.345203
ANG 1.808618
AOA 912.385994
ARS 1018.240297
AUD 1.572117
AWG 1.8
AZN 1.698872
BAM 1.86878
BBD 2.026296
BDT 119.925662
BGN 1.868965
BHD 0.377021
BIF 2966.140969
BMD 1
BND 1.34901
BOB 6.934246
BRL 5.999103
BSD 1.003488
BTN 85.14684
BWP 13.552212
BYN 3.284108
BYR 19600
BZD 2.022856
CAD 1.42383
CDF 2870.00024
CHF 0.89272
CLF 0.035403
CLP 976.890471
CNY 7.277977
CNH 7.28444
COP 4345.01
CRC 505.475185
CUC 1
CUP 26.5
CVE 105.361477
CZK 23.954043
DJF 178.702301
DKK 7.129325
DOP 60.838573
DZD 134.024797
EGP 50.825598
ERN 15
ETB 127.475551
EUR 0.955885
FJD 2.31975
FKP 0.789789
GBP 0.78974
GEL 2.809879
GGP 0.789789
GHS 14.701709
GIP 0.789789
GMD 72.000067
GNF 8635.571448
GTQ 7.732109
GYD 209.356451
HKD 7.77603
HNL 25.449455
HRK 7.174925
HTG 131.308262
HUF 391.51593
IDR 15988.245421
ILS 3.588205
IMP 0.789789
INR 84.871494
IQD 1314.594682
IRR 42087.492963
ISK 139.670077
JEP 0.789789
JMD 156.761974
JOD 0.709401
JPY 152.98697
KES 129.590234
KGS 86.826049
KHR 4030.39296
KMF 466.124947
KPW 900.000357
KRW 1433.569223
KWD 0.307679
KYD 0.833881
KZT 524.759894
LAK 21983.192583
LBP 89628.253887
LKR 291.202962
LRD 180.13559
LSL 17.709842
LTL 2.95274
LVL 0.60489
LYD 4.887949
MAD 10.011896
MDL 18.324885
MGA 4727.729059
MKD 58.787561
MMK 2097.999723
MNT 3398.000077
MOP 8.014768
MRU 39.779465
MUR 46.960051
MVR 15.394531
MWK 1740.106951
MXN 20.228155
MYR 4.450955
MZN 63.899993
NAD 17.71001
NGN 1551.089888
NIO 36.931397
NOK 11.19096
NPR 135.840997
NZD 1.735644
OMR 0.384996
PAB 1
PEN 3.739472
PGK 4.04947
PHP 58.472004
PKR 279.109793
PLN 4.088371
PYG 7850.63165
QAR 3.658419
RON 4.752701
RSD 111.812955
RUB 104.998013
RWF 1377.182762
SAR 3.757842
SBD 8.383555
SCR 13.944979
SDG 601.498701
SEK 11.031065
SGD 1.347905
SHP 0.789789
SLE 22.803468
SLL 20969.496504
SOS 573.500872
SRD 35.175042
STD 20697.981008
SVC 8.756467
SYP 2512.529682
SZL 17.713524
THB 34.006026
TJS 10.907246
TMT 3.51
TND 3.168044
TOP 2.39453
TRY 34.953185
TTD 6.794211
TWD 32.542501
TZS 2379.172026
UAH 41.795528
UGX 3670.166904
UYU 44.440276
UZS 12868.468349
VES 49.844583
VND 25396.825806
VUV 118.721978
WST 2.79739
XAF 627.072294
XAG 0.032338
XAU 0.000372
XCD 2.70255
XDR 0.761553
XOF 627.072294
XPF 114.077035
YER 250.375049
ZAR 17.80574
ZMK 9001.169553
ZMW 27.722781
ZWL 321.999592
  • RBGPF

    61.0000

    61

    +100%

  • NGG

    -0.6000

    59.47

    -1.01%

  • SCS

    -0.2600

    12.94

    -2.01%

  • RELX

    -0.0200

    47.32

    -0.04%

  • CMSC

    -0.0800

    24.55

    -0.33%

  • RIO

    -1.5300

    63.45

    -2.41%

  • GSK

    -0.2800

    34.17

    -0.82%

  • BTI

    -0.1800

    37.56

    -0.48%

  • BCC

    -2.6400

    139.84

    -1.89%

  • RYCEF

    0.0600

    7.41

    +0.81%

  • AZN

    -0.4600

    66.94

    -0.69%

  • JRI

    -0.0400

    13.26

    -0.3%

  • BCE

    -0.1600

    25.81

    -0.62%

  • VOD

    -0.0900

    8.68

    -1.04%

  • BP

    -0.1800

    30.15

    -0.6%

  • CMSD

    -0.0700

    24.22

    -0.29%

Amazon warns of meager holiday season sales growth
Amazon warns of meager holiday season sales growth / Photo: © AFP

Amazon warns of meager holiday season sales growth

Amazon on Thursday predicted a slowdown in sales growth during the year-end holiday shopping season, sending shares in the e-commerce colossus tumbling.

Text size:

Sales could grow as little as 2 percent in the final three months of this year, the company said, crimped by a strong US dollar that makes products more expensive in other countries.

Amazon shares plunged some 20 percent in after-market trades but regained some ground, down about 14 percent to $95.32 at 2130 GMT.

The company nevertheless returned to profit in the third quarter after two consecutive quarters of losses, with a net profit of $2.87 billion for the period from July to September, according to the statement issued Thursday.

Sales in the recently ended third quarter increased 15 percent to $127.1 billion, compared with $110.8 billion during the same period a year earlier, it reported.

Customer response to big Amazon sales events in the past four months has been "quite positive" and "it's clear that particularly during these uncertain economic times, customers appreciate Amazon's continued focus on value and convenience," said chief executive Andy Jassy.

US tech giants that long seemed impervious to broad economic ills have seen their armor crack this year, with slowing growth and revenue eroding the faith of investors and their share prices.

While it has a lucrative AWS cloud computing unit and its Prime video offering, Amazon is a retailer at heart, noted independent tech analyst Rob Enderle of Enderle Group.

"When people are having a hard time making ends meet, retail tends to take a hit," Enderle said.

And while founder and former chief executive Jeff Bezos was savvy about retail, "he went off to play with rockets" at his Blue Origin enterprise leaving Amazon in the hands of Jassy, known for his cloud computing prowess, the analyst added.

"Amazon is not a cloud company, it is a retail company, and a cloud computing guy is in charge," Enderle contended.

Meta and Google parent Alphabet both saw share prices tank after disappointing quarterly earnings, as global economic woes along with competition undermined the digital ad revenue powering their money-making engines.

Even business tech stalwart Microsoft saw share prices drop after it released earnings figures showing economic conditions were also tightening budgets when it comes to customers of its cloud, software and services offerings.

F.Garcia--TFWP