Amazon stock tanks nearly 20% after lower than expected holiday quarter guidance

BREAKING NEWS

Amazon stock dipped nearly 20% in after-hours trading Thursday following the company’s third quarter earnings report. The Seattle company met estimates for third quarter revenue, reporting $127.1 billion, up 15% year-over-year, but guidance for the holiday quarter came in lower than expected. “There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” Amazon CEO Andy Jassy said in a statement.

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