Amazon’s Shares Tumble After Sales Miss Estimates: Seattle Mover
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Amazon.com Inc. fell the most in three months after sales missed estimates, signaling that its investments in media services, Kindle devices and shipping promotions have been slow to pay off.
Amazon shares dropped 7.7 percent to $179.46 after the Seattle-based company said yesterday that fourth-quarter revenue was $17.4 billion, trailing the $18.3 billion estimated by analysts in a Bloomberg survey. It was the biggest one-day stock decline since Oct. 26.