Amazon Slumps On Spending
Amazon shares fell almost 10 percent on Friday as Bezos revealed plans to dip into his war chest to snap up warehouses, a grocery delivery service and a TV set-top box. The company said it expects an operating loss this quarter, down US$55 million to $455 million (A$490 million).
Amazon’s expenses rose 23 percent during the quarter. Net income rose to $108 million from $82 million.