Amazon shares dropped close to 20% in after-hours trading on Thursday after the company said its all-important holiday shopping season would be smaller than expected.
The company is the latest tech giant to disappoint Wall Street this week. After enjoying phenomenal growth during the pandemic, Amazon has struggled to contain costs as inflation and rising interest rates have taken their toll. The company has slowed the rollout of new facilities, leased out some warehouse space and enacted a hiring freeze in parts of its business.
