Amazon’s profits fell sharply in its second quarter, as the etail giant continued to sacrifice its bottom line in favour of rapid expansion.
Profits plunged 77% to £151m in the three months to end of June while sales rose 25% to £29.05bn.
Boss Jeff Bezos said: “Our teams remain heads-down and focused on customers. It’s energising to invent on behalf of customers, and we continue to see many high-quality opportunities to invest.”
Amazon is currently focused on overseas expansion in territories such as India, developing services such as its Alexa voice recognition technology and TV and film streaming and pushing into categories including fashion and grocery.
In the UK, it is stepping up its efforts in both categories, launching private-label fashion and growing its Fresh grocery offer within the capital.
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The Seattle-based etailer recently acquired Whole Foods for £10.5bn in a move that shocked the industry around the globe.
It is currently in the midst of hiring thousands of new employees and opening new warehouses and data centres in regions around the world.
In the US, it has begun to open bricks-and-mortar book stores, making a return to the category which it first disrupted back in the 1990s. It currently operates eight book stores across the US and will shortly open five more.