Shares of Amazon.com (AMZN) took a sharp dive to a low of $186.10 a short while ago but are now recovering, down 87 cents, or half a point, at $190.72, after Bloomberg’s Edmund Lee and Danielle Kucera reported that the company has garnered only 3 million to 5 million subscribers for its “Prime” member service, lower than the 10 million analysts have been estimating.
The authors, citing anonymous sources, write that Amazon hopes to reach 7 million to 10 million in the next 12 months.
Prime gives subscribers benefits such as free shipping and all-you-can eat video rentals.
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