Wall Street finally turning on Amazon as Bezos magic fades

Investors are wary of its triple-digit price-earnings ratio and a persistent unwillingness to throttle back spending

San Francisco

AMAZON.COM Inc's once fairy-tale ride on Wall Street has hit its most jarring bump yet.

The company that for years enthralled investors with improbable growth and earned one of the technology sector's highest valuations drew widespread ire after a spectacular results letdown on Thursday.

Amazon missed expectations across the board - on margins, on its net loss and on revenue. An unaccountably poor 7 to 18 per cent revenue growth forecast for the typically strongest holiday quarter was the final straw for some.

Coming just three months after a big letdown in July, the warning may represent a tipping point for investors who are already wary of a triple-digit price-earnings ratio and a...

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