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Amazon's big profit miss spooks investors, but analysts stay bullish

Shares of the e-commerce juggernaut, which have risen 40% this year, were down 4.3%


A steeper-than-expected drop in quarterly profit rattled some investors, but Wall Street analysts remained largely bullish about the company's aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 per cent this year, were down 4.3 per cent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc co-founder Bill Gates as the world's richest person. "The overall story coming out of Amazon's second ...

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First Published: Fri, July 28 2017. 20:21 IST