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
Shares of @amazon fell Friday following yesterday evening's release of a downbeat revenue outlook for the current quarter
Today the stock is on course for its lowest close since 2020 pic.twitter.com/euaGmE4OU8
— The_Journalbiz (@the_journalbiz) October 28, 2022
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.