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A report from financial services firm Goldman Sachs warns that online retailer could miss its fourth-quarter sales estimates due to a slowdown in online shopping growth, despite impressive sales of the company’s Kindle Fire tablet and family of e-readers.

Goldman Sachs analyst Heather Bellini said in a research note that based on sales estimates from IT analytics firm comScore, total e-commerce sales rose 15 percent to $35.3 billion in the November-December holiday shopping season and Amazon’s revenue will rise to $17.9 billion–a 38 percent rise compared with 2010 but still under the $18.2 billion expected by analysts.

For the holiday season to date, comScore said $35.3 billion has been spent online, marking a 15 percent increase versus the corresponding days last year. The most recent week (ending Dec. 25) witnessed $2.8 billion in spending, an increase of 16 percent versus the corresponding week last year.

“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,” Bellini wrote in the report, a copy of which was obtained by Bloomberg News.

One of the interesting e-commerce phenomena occurring over the past several years is the dramatic increase in Christmas Day purchases of digital content and subscriptions, a retail category that includes digital downloads of music, TV, movies, ebooks and apps. The comScore report noted that many consumers get new smartphones, tablets, e-readers and digital content gift certificates for Christmas, and they spend Christmas Day loading up their devices with new content.

To read the original eWeek article, click here: Amazon Could Miss Fourth-Quarter Sales Target, Goldman Sachs Warns