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Post: #1 Posted: Fri Oct 24, 2008 11:41 pm |
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Steve - Admin |
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Amazon forecast spells consumer gloom for online retailingRhys Blakely
Online retailers look set to endure their toughest Christmas for years after Amazon.com, the largest company in the sector, sharply lowered its fourth-quarter revenue targets on expectations of a poor festive season.
Shares in the company plunged 14 per cent in after-hours trading, as Amazon lowered its revenue target for the final three months of the year to between $6 billion (£3.67 billion) and $7 billion, against the $7.2 billion it had previously forecast.
Last year, the company, which sells goods from books to barbeques and Barbie dolls, made more than 40 per cent of its profits over Christmas.
The stock has now lost nearly 60 per cent of its value over the past year. [Read More]
Copyright 2008 Times Newspapers Ltd. |
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