E-commerce giant Amazon.com Inc saw its shares fell to their lowest level since late March on Thursday, after concern over sales growth during the retailer’s fourth quarter.

Goldman Sachs analysts said in a note from Wednesday that Amazon has typically bested overall online sales growth by 23 points.

ComScore reported earlier this week that online holiday spending in the U.S. rose 15 per cent to a record USD 35 billion from 1 November to 26 December, versus the comparable period last year.

That would suggest just a 38 per cent increase in Amazon sales this season, below the 40 per cent increase Wall Street expects, wrote Goldman, which expects 44 per cent, including Kindle sales.

"While the comScore numbers are just one data point which does not capture international sales or breakout individual companies' sales, taken alone they seem to suggest the potential for downside risk to consensus forecasts for 4Q 2011," the analysts said.

Shares of Amazon fell as low as USD 166.97 in early trading on Thursday, the lowest level since late March. The stock recovered by midday to USD 173, down 0.5 per cent.

Amazon shares reached almost USD 250 in October, but have dropped by about 30 per cent since then. Shares of rival e-commerce company eBay have lost roughly 10 per cent in the same period.

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