NEW YORK (AP) - Investors were looking for more in quarterly financial results coming from Amazon.com.
Even though consumers spent more online this past holiday season than ever, Amazon's quarterly numbers failed to keep Wall Street happy.
The company's revenue fell nearly $1 billion short of Wall Street's expectations, even as it grew 35 percent from a year earlier. The quarter included Amazon's headline-grabbing November launch of the Kindle Fire, its answer to Apple's iPad. Net income also fell sharply and guidance for the current quarter was disappointing.
Investors punished the stock. Amazon's shares dropped $17.44, or 9 percent, to $177 in after-hours trading following the earnings announcement.
First Coast News