(Reuters) – Amazon.com Inc (NASDAQ) has forecast that current quarter sales will be lower than Wall Street estimates. Customers are putting off discretionary spending due to economic uncertainty and fierce competition for its cloud services.

According to IBES data from Refinitive, the largest online retailer in the world projected net sales between $116 billion – $121 billion for its second quarter. Refinitiv’s IBES data showed that analysts expected $125.48 trillion.