Andy Jassy’s Amazon beat Wall Street estimates for quarterly sales on Thursday as the retailer’s heavy holiday marketing helped attract shoppers.
Amazon shares fell 3% to 108.79 in after-hours trading. The stock closed up 7% during the regular session.
Amazon tapped into its massive Prime subscriber base during the crucial holiday season with attractive early-bird deals and sales that helped drive 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 for the first quarter. Analysts had expected $125.11 billion, according to data from Refinitiv’s IBES.
Net sales were $149.20 billion in the fourth quarter, compared with analysts’ expectations of $145.42 billion, according to IBES data from Refinitiv.