Amazon stock plunges 8 percent following disappointing Q4 results

ANI

Washington, Jan. 31 (ANI): Amazon has reportedly disappointed Wall Street analysts as its stock fell more than 8 percent after it released its fourth-quarter earnings. While Wall Street expected earnings of 67 cents a share and a revenue of $26.05 billion, Amazon failed to stand up to investors' expectations with just 51 cents-per-share and a revenue of $25.59 billion in the fourth quarter. Meanwhile, Amazon's revenue for 2013 saw an increase of 22 percent against its last year's revenue. Amazon's stock reportedly plummeted 20 percent to 25.6 billion dollars, as customers preferred Internet to order online Christmas gifts, in a bid to avoid nasty weather and malls, the New York Post reported. The UPS alleged that during the crucial holiday quarter, its trucks could not meet deliver deadline owing to 'overload' from Amazon order. The company had left investors in a lurch after it announced that it was increasing its hiring of temporary warehouse workers by 40 percent, even as many traditional retail chains indulged in cost-cutting. (ANI)