Amazon’s Holiday-Quarter Sales Forecast Suggests Pandemic Boom Is Over
- Company will spend ‘several billion dollars’ extra in quarter
- Forecast for revenue, profit fall short of analysts’ estimates
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Amazon.com Inc. warned Wall Street that it will have to spend billions of dollars hiring workers, paying them more and even speeding partly empty trucks to their destinations to ensure that supply-chain snarls don’t derail the holiday shopping season.
The massive outlays could wipe out Amazon’s profit during the last three months of the year, executives said. The company also reported third-quarter revenue and earnings that fell short of projections. The shares declined about 4% in extended trading.