Amazon forecasts $240 to $247B holiday revenue, AWS grows 39%
Amazon just shared its holiday-quarter forecast, and it's not quite what Wall Street was hoping for.
The company expects revenue between $240 and $247 billion, coming in a bit under the average analyst prediction.
This news, paired with AWS revenue rising 39% to $46 billion, slightly better than expected, led to Amazon's stock falling more than 7% in after-hours trading as investors worry about how inflation might be affecting shoppers.
Amazon rolls out faster delivery globally
On the bright side, Amazon Web Services (AWS) had a standout quarter with 39% growth, the fastest in nearly five years.
Plus, there's some hope for shopping season: US holiday sales are still expected to rise by 4.2%.
To keep up momentum, Amazon has been rolling out faster delivery services globally and expanding to more rural areas in the US to draw more shoppers.