Amazon has reported increased third quarter losses of $437m (£273m), prompting shares to tumble in after-hours trading in New York, reports The Bookseller.
The internet giant’s losses were significantly higher than in the same quarter last year when it reported a $41m (£25.57m) deficit.
The company reported the losses despite achieving high sales, which were up by 20% to $20.58bn (£12.84bn) in the third quarter, up from $17.09bn in 2013.
Amazon’s operating expenses increased 23% to $21.1bn (£13.16bn) since last year. As a result of the continuing losses, shares have tumbled by nearly 20% since the beginning of the year, the BBC reported.
Amazon does not break out UK or European country’s sales specifically in its results but the company’s international net sales, which the UK’s revenue would be filed under, accounted for $7.7bn (£4.80bn) of the company’s third quarter sales.
January 3rd, 2015 - Posted & Written by Together Magazine