NEW YORK – It might be a blue Christmas for Amazon.
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The world's largest retailer gave a disappointing forecast for the crucial holiday season. The company also reported a wider loss than analysts expected for the third quarter. Shares fell 10 percent in after-market trading.
Amazon has been investing heavily in an array of new products as it works on trying to grow its Amazon Prime membership base. The new products include its Fire smartphone, music and video streaming services and new versions of its Kindle tablet.
Investors have been patient with thin profits, but that patience might not last: Amazon's shares are down 22 percent this year. They fell further on Thursday, as the company said it expects holiday revenue of $27.3 billion and $30.3 billion, below analyst expectations of $30.86 billion.