Amazon reports profit loss

 

Amazon boxInternet retail titan Amazon reports money losing quarter despite impressive growth in sales.

The US-based firm said that it had a net loss of $US126 million ($A136.33 million) in the quarter that ended June 30, widening the deficit from $US7 million in the same period a year earlier.

Sales, meanwhile, climbed to $US19.34 billion in a 23 per cent rise from the second quarter of last year.

The loss came as Amazon poured money into a new Fire smartphone, original programming for its Prime subscription service, drone package delivery and more.

“We continue working hard on making the Amazon customer experience better and better,” Amazon founder and CEO Jeff Bezos said in the earnings release.

He rattled off a list of recent Amazon product or service introductions that included improved delivery operations in the US and Europe, a streaming music service and Kindle Unlimited all you can read book subscriptions.

Amazon shares plunged more than six per cent to $US336.61 in after-market trades that followed release of the earnings figures.

AFP

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