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.
The online retailer's shares (AMZN) dropped more than 7 percent after the closing bell, following the news.
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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