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Amazon profits drop 58% amid spending spree
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Amazon’s profits fell 58% year on year to USD177m as the firm’s ongoing investment in media services and Kindle devices continues to hurt its bottom line. Shares fell as much as 11% in response to the drop, compounded by the firm’s gloomy outlook for its current quarter, where it warns that it could post a loss of as much as USD200m from revenues of between USD12bn and USD13.4bn. The quarterly profit is a far cry from the USD416m generated during the same period in 2010 and comes despite revenues climbing 35% year on year for the quarter ending December to reach USD17.43bn, below analyst expectations of USD18.3bn.
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