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Amazon Shares Drop 12% After Disappointing Results

Amazon.com's stock dropped 12 percent after the world's largest online retailer posted disappointing quarterly results that missed Wall Street expectations.
Amazon.com's stock dropped 12 percent after the world's largest online retailer posted disappointing quarterly results that missed Wall Street expectations. MICHAELA REHLE / Reuters

Amazon.com posted quarterly results that fell short of expectations and handed in a weak revenue outlook on Thursday, sending shares sharply lower in extended-hours trading.

Stock in the world's largest Internet retailer was more than 12 percent lower at $353 after the Nasdaq's closing bell. It had risen nearly 5 percent during regular trading.

Amazon posted fourth-quarter earnings of 51 cents a share on sales of $25.59 billion. Wall Street analysts had expected profit of 66 cents a share on sales of $26.06 billion, according to a consensus estimates from Thomson Reuters.

In addition, the company posted a current-quarter sales forecast of between $18.2 billion and $19.9 billion. Analysts currently expect $19.67 billion for the first quarter.

The company said international sales gained just 13 percent, lower than Wall Street forecasts for around 14 percent to 15 percent.