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Amazon Stock Falls After Earnings Report!

Shares of Amazon fell Friday following yesterday evening’s release of a downbeat revenue outlook for the current quarter!

Setting the stock on course for its lowest close since early 2020.

Amazon’s stock was recently down about 9% to $100.60.

Tweet on Amazon recent market volatility 

FactSet Chart on Amazon shares

Shares have recovered somewhat from their Friday morning lows, when they were down nearly 12%.

Friday’s move comes as stocks are rallying broadly, with the tech-heavy Nasdaq rising after two days of declines.

The e-commerce giant jolted investors with its projection for revenue of $140 billion to $148 billion in the current period—analysts had expected more than $155 billion, according to FactSet.

Amazon, which said the estimate includes a sizable hit from foreign-exchange factors, also said it anticipated operating income of anywhere between zero and $4 billion, reflecting the uncertainty looming over what is traditionally its biggest quarter of the year because of holiday shopping.

The company’s shares fell more than 13% in premarket trading following the results, to below $96. At that level, Amazon’s valuation is below $1 trillion, which it first hit in 2018.