Amazon stock falls despite beating fourth-quarter sales forecast

Andy Jassi’s Amazon beat Wall Street’s estimates for quarterly sales on Thursday as the retailer’s holiday marketing blitz helped attract shoppers.

Amazon shares fell 3% to 108.79 after hours. Shares closed 7% higher during the regular session.

Amazon tapped into its huge Prime subscriber base during the crucial holiday season with attractive early offers and discounts that helped boost business on its e-commerce platform despite the economic turmoil.

The world’s largest online retailer said it expects net sales of between $121 billion and $126 billion in the first quarter. Analysts were expecting $125.11 billion, according to Refinitiv’s IBES data.

Fourth-quarter net sales were $149.20 billion, compared to analysts’ expectations of $145.42 billion, according to Refinitiv’s IBES data.