Amazon stock plummets on gloomier holiday season forecast

Amazon’s stock took a nosedive Thursday after the company’s forecast for its upcoming holiday sales season fell short of expectations.

The stock fell more than 20 percent in after-hours trading after the company announced its quarterly results.

On a call with media, Amazon Chief Financial Officer Brian Olsavsky said the company saw “moderating growth rates” in the second half of the third quarter, as people tightened their belts and enterprise cloud customers tried to save money.