Amazon projects fourth quarter sales below estimates
Tommy Anderson is a community reporter with a knack for uncovering local stories that matter. He has a journalism degree from Minnesota State University Moorhead and has reported for several local news organizations over his eight-year career.
More from Tommy →
(Adds dropped word between in paragraph 2) Oct 29 (Reuters) Amazon.com projected fourth-quarter revenue largely below Wall Street estimates on Thursday, raising concerns over muted retail demand over the crucial holiday season as higher household costs amid rising inflation pressure consumer spending. The company expects revenue of between $240.0 billion and $247.0 billion in the fourth quarter, compared with analysts average estimate of $244.51 billion, according to data compiled by LSEG. Revenue at Amazon Web Services rose 39% to $46 billion in the third quarter ended September, compared with analysts estimate for a 38.2% increase to $45.61 billion, according to data compiled by LSEG. AWS revenue recorded a 37% jump in the second quarter. The downbeat fourth-quarter outlook signals US retailers could face pain in the holiday season, as consumers tighten shopping budgets amid higher gas prices and the rising cost of living. Still, recent industry forecasts predict ho