Stocks tumble on weak results at Amazon, Alphabet

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Again, while the Street expected somewhere around $73 billion for the important holiday quarter, Amazon told investors to expect anywhere from $66.5 billion to $72.5 billion.

Close to two-thirds of Amazon workers are about to get a raise.

Heading into the print, Stifel analyst Scott Devitt has raised his near- and long-term revenue estimates for Amazon's retail, advertising, and AWS businesses and modestly increased his margin forecasts. The company has dominated e-commerce in the US, but faces stepped-up competition from rivals such as Walmart Inc. Amazon plans to hire 100,000 seasonal workers this year and pledged to pay all of its warehouse workers at least US$15 an hour, which could help it secure the extra staff it needs during peak season. "We're very happy not only in the strong membership numbers", Olsavsky said Thursday, "but also in the continued strength of engagement" of Prime's shipping benefits and Prime Video.

Sales increased 29.33 percent from the third quarter of 2017.

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U.S. stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief. Amazon has relied on the growth of its Prime members, estimated at about 97 million in the US, who pay fees in exchange for shipping discounts, video streaming and other services.

The company's shares fell by as much as 10pc in late trading.

Alphabet gained 5.8 percent this year before Thursday and traded at 24 times expected earnings over the next year. The chipmaker beat forecasts by 25 cents a share, with adjusted quarterly profit of $1.40 per share.

In a time of low interest rates, Amazon and Google have offered investors the chance to hitch a ride on the fast-growing e-commerce, digital advertising and cloud-computing markets buoyed by a steady global economy, Bloomberg explained. Add in the recent stock market rout, and the tech companies had little room to bobble their results. It has opened AmazonGo stores - which sell sandwiches, salads and grocery items - in San Francisco and Chicago.

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Amazon CEO Jeff Bezos's wallet is looking a little lighter.

"Shares are up 52% YTD, hence this kind of "growth scare" is likely to weigh on sentiment in the near term, but ultimately will work itself out (likely by 1Q19)", Barclays analyst Ross Sandler wrote in a client note.

Analysts had expected third-quarter revenues of $57.1 billion in revenue, but Amazon reported $56.6 billion-which is still up 29% from past year.

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