Amazon net income plummets 73%
Online retailer Amazon has announced its third-quarter net income sank 73% despite sales growth as it invested in increasing its business.
The company's earnings fell short of analyst expectations and its stock dropped nearly 20% in after-hours trading on US markets.
The company said it earned 63 million US dollars (£39.4 million), or 14 cents per share, in the quarter. This compares to 231 million US dollars (£144.4 million), or 51 cents per share, a year earlier.
Revenue climbed 44% to 10.9 billion US dollars (£6.81 million).
Analysts polled by FactSet expected net income of 24 cents per share on nearly 11 billion US dollars (£6.87 million) in revenue.