Amazon stock tanks nearly 20% after lower than expected holiday quarter guidance

Amazon stock dipped nearly 20% in after-hours trading Thursday

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following the company’s third quarter earnings report.

The Seattle-based business reported third-quarter revenue of $127.1 billion,

up 15% from the same period last year, meeting forecasts.

It revealed a higher-than-expected net income of $2.9 billion, or $0.28 per share.

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But its fourth quarter guidance came in lower than expected at $140 to $148 billion (up 2 to 8% year-over-year),

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compared to estimates of $155 billion.

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