Amazon story updated with commentary from additional analyst
NEW YORK (
shares dropped 3.3% in morning trading on Thursday after a report from Goldman Sachs said new retail data suggests risk to the e-commerce giant. Shares later bounced back to close flat at $173.74.
Over the past five years, Amazon's sales growth during the fourth quarter has beat overall holiday season e-commerce growth by 23 percentage points.
Based on data issued on Wednesday by Comscore, this trend would mean that Amazon's revenue growth in the fourth quarter would be 38% year over year, or $17.87 billion. This figure is slightly below current Wall Street projections of $18.62 billion, or 40% year over year.
Goldman did note that while Comscore figures are just one data point and don't take into consideration international sales or breakout individual companies' sales. But "taken alone they seem to suggest the potential for downside risk to consensus forecasts for 4Q2012."
Later in the day, JP Morgan analyst Doug Anmuth reiterated an overweight rating on Amazon in response to Goldman's report.
Anmuth believes Amazon will post growth of 47% during the fourth quarter, ahead of an expected 44% top-line increase.
In other Amazon-related news, the company said on Thursday it has sold "millions" of Kindle Fires and "millions" of Kindle e-readers. Amazon declined to give specific sales figures for the devices.
Shares of Amazon are down 7% for the year.
-- Written by Olivia Oran in New York
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