Amazon plows ahead with high sales and spending; profit plunges

Amazon's earnings miss means Jeff Bezos is no longer world's richest person

As for its operating results, it expects it to range from an operating loss of US$400 million to an operating profit of US$300 million.

Inc 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.

Once again, internet major Amazon's worldwide businesses losses soared over five times in the quarter ending June 30, climbing to $724 million largely on the back of the India market.

The latter was in line with Wall Street expectations, while the company's earnings per share fell slightly short of the predicted values, prompting the firm's share price to fall by around 3% in after-hours trading.

Last month, in an attempt to expand into physical stores and the business of food, Amazon unveiled plans to buy leading USA organic food grocer Whole Foods Market for a whopping $13.7 billion. He added, "Our video content spend will continue to grow, both sequentially and quarter over quarter". "Q3 is generally a high investment period", CFO Brian Olsavsky said on a call with reporters, according to Reuters, pointing to preparations for the Christmas rush.

In a statement, Jeff Bezos, Amazon founder and CEO, said the company remains "heads-down and focused on customers", before reeling off a list of achievements the company ticked off during the second quarter.

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The studio is also vying for Jenkins to land a nomination for the best director category. Justice League is due to be released in United Kingdom cinemas on November 17 2017.

"The fact that they are investing on so many fronts right now just speaks to the opportunity that they have before them", said Edward Jones analyst Josh Olson. The spectre of Amazon's disruption now hangs over a dizzying array of industries and markets.

The company also announced last month that it planned to buy Whole Foods Market for $13.7bn.

However, he said, "We really think it will be a big boost for us as we expand our grocery and consumables offering". Analysts had expected operating income in the third quarter of $931 million, according to FactSet StreetAccount.

The company doesn't plan to change the price of its Prime $99 subscription service anytime soon, even though the membership carries more offerings. The company posted earnings of $0.55 per share on $5.66 billion in revenue, compared to consensus estimate of $0.55 on $5.75 billion in revenue, respectively. Net sales rose 24.8%to $37.96 billion.

AWS' operating income was $916 million for the quarter which was higher than in Q2 past year at $718 million.

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