Amazon misses 4Q forecasts

Amazon misses 4Q forecasts

Amazon.com Inc on Thursday reported fourth-quarter earnings of US$482 million. The Seattle-based company said it had profit of US$1 per share.

The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of US$1.61 per share.

The online retailer posted revenue of US$35.75 billion in the period, which also fell short of Street forecasts. Thirteen analysts surveyed by Zacks expected US$35.9 billion.

For the current quarter ending in April, Amazon said it expects revenue in the range of US$26.5 billion to US$29 billion. Analysts surveyed by Zacks had expected revenue of US$27.47 billion.

Amazon shares have declined 6.5 per cent since the beginning of the year, while the Standard & Poor's 500 index has fallen slightly more than 7 per cent. In the final minutes of trading on Thursday, shares hit US$632.20, more than doubling in the last 12 months.

- AP