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Amazon issued weaker than expected guidance for the second quarter, sending shares of the ecommerce giant tumbling in after-hours trading.
The group said on Thursday it expected operating income of between $13bn and $17.5bn in the current quarter, which compares with $14.7bn a year ago but fell short of Wall Street’s forecast of $17.7bn.
Amazon also forecast net sales in the current quarter to come in between $159bn and $164bn, with the bottom range falling short of analysts’ expectations of $161.4bn.
The Seattle-based group’s March quarter revenues rose 9 per cent year on year to $156bn, narrowly beating estimates of $155bn, according to consensus estimates from S&P Visible Alpha.
Shares in the company slipped about 4 per cent after-hours trading.
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