Amazon sales forecast misses estimates, shares fall

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Amazon.com Inc's forecast for third-quarter sales missed Wall Street expectations on Thursday, as consumers return to brick-and-mortar stores ...

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Amazon.com Inc's forecast for third-quarter sales missed Wall Street expectations on Thursday, as consumers return to brick-and-mortar stores after shopping more online for the past year due to the pandemic.

FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File PhotoREUTERS: Amazon.com Inc's forecast for third-quarter sales missed Wall Street expectations on Thursday, as consumers return to brick-and-mortar stores after shopping more online for the past year due to the pandemic.

Shares of Amazon, which is only US$170 billion away from joining the US$2 trillion market cap club, were down 5per cent in extended trading.The company expects current-quarter sales between US$106 billion and US$112 billion, or to grow between 10per cent and 16per cent.

The company also reported a rare quarterly sales miss, amid competition from retailers such as Walmart Inc and Target Corp that have ramped up their online businesses over the past year.Amazon's net sales rose to US$113.08 billion in the second quarter ended June 30 from US$88.91 billion, a year earlier. Analysts on average had expected US$115.20 billion, according to IBES data from Refinitiv.

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