Amazon projects fourth quarter sales below estimates

Amazon.com forecast 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.

Shares of the company fell more than 7% in extended trading.

It 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.