Amazon.com Inc reported a 77 percent slump in quarterly profit as the company invests heavily in areas such as video content and in fast-growing economies such as India.
The company’s shares, already up nearly 41 percent this year, were down 2.6 percent at $1,019 in after-hours trading on Thursday.
-
![]()
Amazon aiding remote Canadian community with free shipping -
![]()
Iqaluit residents turn to Amazon Prime to save money, minister says government program ‘not working’ -
![]()
Amazon offering a host of deals for ‘Amazon Prime Day’ -
![]()
Getting the best deals online for Amazon Prime Day -
![]()
Is Amazon trying to kill the traditional grocery store? -
![]()
Combo between McDonalds and the IOC discontinued while Amazon makes a huge buy -
![]()
Amazon enters grocery store market with multi-billion dollar Whole Foods deal
The shares touched a record high of $1,083.31 in regular trading, helping Chief Executive Jeff Bezos unseat fellow tech billionaire Bill Gates to become the world’s richest person, according to Forbes. Amazon said operating expenses rose 28.2 percent to $37.33 billion in the second quarter ended June 30.
Get weekly money news
The company also forecast an operating income of $300 million to a loss of $400 million for the current quarter.
Analysts had expected operating income of $931 million, according to FactSet.
-
![]()
Amazon forced to pay parents millions -
![]()
Woman named Alexa Seary says it’s ‘ironic’ she has same names as Amazon, Apple bots -
![]()
Anton Pilipa, missing Canadian found near Amazon rainforest, comes home to Toronto -
![]()
Missing Canadian found near Amazon rainforest, comes home to Toronto -
![]()
Amazon expresses regret, halts sales of Indian flag doormat after visa threat -
![]()
Amazon files patent papers for massive delivery blimp -
![]()
Amazon echo may hold clues in an Arkansas murder case
Amazon is known for making bold investments in new business areas even at the expense of profits, a strategy that is often criticized by investors.
The world’s biggest online retailer said net income fell to $197 million, or 40 cents per share, from $857 million, or $1.78 per share, a year earlier.
Net sales rose 24.8 percent to $37.96 billion.
Amazon, which is in the process of buying upscale grocer Whole Foods Market Inc, also plans to create more than 130,000 full-time and part-time jobs by mid-2018 to speed up delivery.
Analysts had expected a profit of $1.42 per share and revenue of $37.18 billion, according to Thomson Reuters I/B/E/S.
Comments