Weak Amazon outlook another blow to tech-type growth shares

FILE PHOTO: The Amazon logo is seen outside its JFK8 distribution center in Staten Island, New York, U.S. November 25, 2020. REUTERS/Brendan McDermid/File Photo

(Reuters) - Amazon.com Inc shares skidded as much as 21% after hours on Thursday after it forecast costs might eviscerate its profit for the current quarter, as early holiday marketing does little to boost sales growth and as labor and delivery expenses continue to swell.

The news followed similarly huge slide in META Platform shares on Thursday, after the Facebook parent reported late Wednesday costly metaverse bets and the impact of soaring inflation on ad spending, which spooked investors. But Apple earnings on Thursday were a bright spot, with higher than expected revenue leaving its shares only slightly lower.