By Hugh Radojev2019-10-25T07:04:00
Amazon has reported a fall in its third-quarter profits, the first time the ecommerce giant has suffered a drop in earnings for over a year.
Profits for the third quarter fell 26% to $2.1bn (£1.63bn), while operating income fell to $3.2bn from $3.7bn the year before, as Amazon ramped up spending on its next-day delivery service.
Shares in the company fell 9% after the report, wiping some $80bn from Amazon’s stock market value.
Despite this, Amazon’s net sales for the quarter hit $70bn, up 24% year-on-year.
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