Why Amazon Is Nearly 7% Lower Today
Shares of e-commerce giant Amazon (NASDAQ: AMZN) are down 6.8% as of 12:14 p.m. ET Thursday. The tumble follows another key internet company's fourth-quarter earnings miss, during a market-wide sell-off. Amazon's fourth-quarter earnings report is slated for release after Thursday's closing bell rings.
Blame Meta Platforms (NYSE: FB) -- the company formerly known as Facebook -- mostly. The world's most prolific social network posted Q4 per-share earnings of $3.67 Wednesday evening, missing estimates of $3.84. Its revenue outlook for the quarter currently underway also came up short, with the company citing new competitive pressure and pricing challenges linked to policy changes with Apple's iOS mobile operating system.
Investors are (understandably) assuming Amazon is facing comparable headwinds.
Source Fool.com
