Amazon warned consumer spending was in “uncharted waters” as it issued revenue forecasts well below Wall Street expectations, sending its shares down as much as 20 per cent and deepening the sense of gloom hanging over the tech sector.
The ecommerce and cloud computing group, which has become a modern day bellwether for the US economy, said it expected revenues to be between $140bn and $148bn in the fourth quarter, which includes the critical holiday selling season. That was as much as $15bn less than the $155bn analysts were expecting, according to S&P Capital IQ.
Amazon projected operating income in the fourth quarter would be between zero and $4bn, versus analysts’ estimates of $5bn.
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