Andy Jassy’s Amazon beat Wall Street estimates for quarterly sales on Thursday, as the retailer’s marketing blitz during the holiday period helped attract shoppers.
Amazon shares fell 3% to 108.79 in after-hours trading. The stock closed up 7% during the regular session.
Amazon tapped into its huge base of Prime subscribers during the crucial holiday season with attractive early offers and discounts that helped drive business on its e-commerce platform, despite economic turbulence.
The world’s biggest online retailer said it was expecting net sales of between $121 billion and $126 billion for the first quarter. Analysts were expecting $125.11 billion, according to IBES data from Refinitiv.
Net sales were $149.20 billion in the fourth quarter, compared with analysts’ expectations of $145.42 billion, according to IBES data from Refinitiv.
[Written in collaboration with other media outlets with information from the following sources]
