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Amazon's quarterly report confirms weak tech growth
Amazon.com Inc. shares fell Thursday, Oct. 27, as the company forecasts lower profits for the current quarter of 2022. Reuters reports that early holiday marketing often fails to boost sales, while labor and shipping costs are rising.
Amazon's net sales hit $127.1 billion for the third quarter of 2022, according to Refinitiv's IBES system. In fact, the indicator fell short of analysts' expectations of $127.46 billion. Next quarter, the world's largest online retailer is projecting net income that is estimated to be between $140 billion and $148 billion. Earlier, experts forecasted net sales of $155.15 billion.
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