Amazon misses profit forecasts while Prime costs bite

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Amazon has reported lower-than-forecast second-quarter profits as it ploughed investment into its one-day delivery services.

The online retailer recorded second-quarter net income of $2.6bn, equating to $5.22 per share, which was above $5.07 this time the previous year but lower than analyst estimates of $5.57 per share.

The retailer’s net sales increased 20% to $63.4bn in the quarter to June 30, ahead of analyst expectations. However, Amazon flagged that profits would slip slightly in it current quarter.

The retailer operating income rose $3.1bn, ahead of $3bn the previous quarter.

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