Amazon stock tanks after weak earnings, massive EU privacy fine

Amazon stock tanked after the company warned it expects sales growth to slow as the pandemic wanes, even as it got slapped with a record fine from the European Union.

The Seattle-based e-commerce giant’s stock dropped more than 7 percent to 3,347.99 in midday trades on Friday after the Seattle-based behemoth logged a weaker-than-expected performance during the second quarter, reporting $113 billion in revenue compared to analysts’ expectations of $115 billion. The company likewise signaled that the loosening of coronavirus restrictions could mean lower sales growth. While revenue surged 44 percent in the first quarter of this year, that figure dropped to 27 percent for the period ended June 30. Sales may only rise as much as 16 percent in the third quarter, Amazon said.