Arab Today, arab today amazon shares slide on disappointing earnings outlook
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

Amazon shares slide on disappointing earnings, outlook

Arab Today, arab today

Arab Today, arab today Amazon shares slide on disappointing earnings, outlook

Amazon
New York - AFP

Shares Amazon plunged in early trade Friday after the US online giant reported a greater-than-expected loss in the past quarter and a disappointing outlook.
The shares tumbled 7.7 percent to $288.98 in the first 30 minutes of trade.
Amazon said Thursday its loss in the last quarter widened to $437 million after a series of product launches including new phones, tablets and television programs.
The news from online retail giant, which is known for prioritizing investment over profits, nonetheless stunned many investors and analysts.
"We see further downside risk to the stock," said Barclays analyst Paul Vogel.
Vogel said Amazon's aggressive spending and soft growth outlook "may be too much for everyone but the most patient of investors."
Jon Ogg at the finance blog 24/7 Wall Street said the results suggest that Amazon chief Jeff Bezos "wants to continue running a quasi non-profit rather than a business that makes money off of its millions of customers."
The loss in the third quarter was worse than anticipated, and far worse than the $41 million deficit in the same period a year earlier.
The loss came even as net sales increased 20 percent from a year ago to $20.58 billion in the quarter.
Amazon in June announced the launch of its "Fire" smartphone, upgraded its line of Kindle tablet computers and introduced a streaming media player.
The company bolstered its online content with new original programs and ordered a second season of its dark comedy "Transparent," a move that boosts its challenge to video rivals such as Netflix.
The Seattle-based company bolstered its online gaming presence with a $970-million acquisition of the game platform Twitch, and expanded its "Amazon Fresh" grocery delivery service.
While some Amazon products and services have been popular, its smartphone market share has been "effectively zero," according to the Consumer Intelligence Research Partners consultancy.
Yet some analysts say the company is on the right track with Amazon Prime, a subscription service which gives customers free shipping, and access to music, videos and other online content.
"Amazon remains a very aggressive investor," said Mark Mahaney at RBC Capital Markets.
Mahaney added because of Amazon's marketing acumen and "excellent innovation track record" and suggested that its investments will pay off in the long run.
"We'll be patient," he said in a note to clients.

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