Amazon shares tank after company posts weak revenue forecast
Expected Q2 revenue is $116 billion to $121 billion, versus $125.5 billion estimated
By Yashasvini Razdan
Published - Apr 28, 2022, 10:28 PM ET
Last Updated - Feb 24, 2024, 05:11 AM EST
Shares of Amazon Inc (NASDAQ: AMZN) dropped by 9% after the company posted a weak revenue forecast which was not in line with analysts’ estimates.
The company’s revenue was reported as $116.44 billion as compared to the market estimate of $116.3 billion. Adjusted earnings were reported as $2.09 per share as compared to the analysts’ estimate of $1.68 per share.
Amazon’s total revenue increased 7% during the first quarter, marking the slowest rate for any quarter and the second continuous quarter for single-digit growth.
The company expects second-quarter revenue of $116 billion to $121 billion, falling short of analysts’ estimated $125.5 billion
