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Amazon shares dip on growth concerns

Thu, 12/29/2011 - 6:12am
Amazon.com Inc shares slid 3.3 percent on Thursday as a research note by Goldman Sachs suggested that the online retailer's sales growth in the current holiday quarter could miss Wall Street expectations.

Goldman in a note from Wednesday said Amazon has typically bested overall online sales growth by 23 points. That would suggest a 38 percent jump this season, below the 40 percent increase Wall Street expects Goldman wrote.

Earlier this week, data firm comScore said U.S. e-commerce sales in the first 8 weeks of the November and December holiday season rose 15 percent compared to the year-earlier period.

Shares of Amazon were down $5.71 to $168.18 in early trading.

Separately, Amazon said on Thursday it has sold more than 1 million Kindle e-reader and tablet devices per week this month.

(Reporting By Phil Wahba; editing by Mark Porter)

Posted by Jason Lomberg, Technical Editor

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