Amazon Posts 3Q Results Below Expectations
NEW YORK (AP) — Seattle based Amazon’s stock is falling after the world’s largest online retailer reported third-quarter results below Wall Street’s expectations.
Amazon.com Inc. posted a loss of $274 million, or 60 cents per share, in the July-September period. That’s down from earnings of $63 million, or 14 cents per share, a year earlier.
The latest quarter’s results include a charge of 37 cents per share related to Amazon’s stake in online deals site LivingSocial. Without this charge, it still would have lost 23 cents per share, worse than what analysts are expecting.
Revenue grew 27 percent to $13.81 billion, from $10.88 billion, falling short of analysts’ expectations.
Analysts surveyed by FactSet, on average, were expecting a loss of 7 cents per share on revenue of $13.91 billion.
Copyright 2012 The Associated Press.