Amazon.com reported a larger-than-expected quarterly loss on Thursday as it spends heavily to expand existing operations and develop new businesses. Its outlook also fell short of expectations.
AMZN) dropped more than 7 percent after the closing bell, following the news.The online retailer's shares (
The company reported a loss excluding items of 23 cents per share, down sharply from a profit of 14 cents a share in the same period a year earlier.
Part of the loss related to an impairment charge from Amazon's investment in daily deal company LivingSocial.
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Revenue jumped 28 percent to $13.81 billion from $10.88 billion a year ago.
But the results missed analyst estimates: Wall Street had expected Amazon to report a loss excluding items of 8 cents a share on $13.92 billion in revenue, according to Thomson Reuters consensus estimates.
For the fourth quarter, Amazon said it expects revenue of $20.25 billion to $20.75 billion, shy of the $22.79 billion analysts currently expect.
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