www.EmploymentCrossing.com Amazon.com has projected 2008 sales that may be US$1 billion less than analysts estimated, suggesting the world's largest internet retailer isn't immune to the slowdown in consumer spending, Bloomberg reports. Revenue growth slowed toward the end of the third quarter, "coinciding" with disruptions in the financial markets, CFO Tom Szkutak said during a conference call with investors and analysts. Annual sales will be between 18 and 19 billion, Seattle-based Amazon said, in contrast to the company's July forecast of $20 billion. Amazon’s reduced forecast, along with online auctioneer EBay projection last week for its first quarterly sales decline, suggest online retailers won't be spared the effects of the financial crisis on Wall Street, which has hit retailers going into the holiday season. Last month, the National Retail Federation said U.S. retailers may post the smallest holiday sales gain in six years, as consumers facing rising unemployment and food and fuel prices pare spending on non-necessities. For more information click here
Be the first to comment