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Amazon profits fall sharply even as sales jump 25% to $38 bn

Seattle-based Amazon posted a 77 percent drop in quarterly income up to $400 mn

Reuters 

Amazon.com Inc on Thursday reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing. The world's largest online retailer posted second-quarter revenue of $38 billion, up 25 percent from a year earlier. The breakneck growth stood in contrast to the fate of many brick-and-mortar rivals, who have struggled to find their footing as more people shop online. Yet Seattle-based Amazon posted a 77 percent drop in quarterly income and even said it could lose up to $400 million in ...

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First Published: Fri, July 28 2017. 12:32 IST
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