Amazon still rises despite losses
ONLINE retail titan Amazon defied profits again last night as it reported a narrowed loss of $41m (£25.3m) on revenues that increased 24 per cent to $17.1bn.
The loss did not put off Amazon shareholders which led to an eight per cent rise in after hours trading after the company beat revenue expectations of $16.8bn.
“In the last 90 days, our Amazon Web Services team got back to work on a big government contract, we brought 8m square feet of fulfillment center capacity online… began hiring and training 70,000 new US fulfillment centre employees to help serve customers this holiday season… It’s been a busy few months,” said Amazon chief executive Jeff Bezos.
The company recently unveiled a new line of tablets, the Kindle Fire HDX, to compete with Apple’s iPad.
Amazon shares have risen more than 32 per cent since the year’s start, outpacing the S&P 500 and rival online auction site eBay.