Amazon shares set for 9% drop on poor Christmas sales

Amazon shares are expected to slide 9% when Wall Street opens, as the online retailer's sales failed to meet analyst expectations over Christmas.

The internet giant reported sales of $17.4bn in the last quarter, $800m below consensus forecasts. Although this figure is up 35% on the year, it also shows sales are growing at a slower rate than the previous three quarters and operating income also fell 45% to $260m. In after hours trading the shares dropped 8.7% to $177.50 per share as Amazon is likely to report the eurozone debt crisis impacted sales on the continent and in the US. Fund managers in the stock include Nick Train, manager of the £333m Lindsell Train UK Equity fund, who said recently Amazon's Kindle Fire, the tablet c...