Amazon on Thursday posted a net loss of $437 million for the third quarter. For the same period in 2013, it posted a net loss of $41 million. Amazon had warned shareholders when it reported its bleak second quarter performance in July that the next quarter would be equally grim. However, that did not keep investors from reacting in surprise and dismay when the Q3 report arrived. Shares dropped 10 percent on Friday. Among other problems, the Fire Phone’s weak sales resulted in a $170 million writeoff.
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Amazon's Cold Fire Phone Inflames Investors
Posted by: Erika Morphy October 24, 2014 01:51 PMAmazon on Thursday posted a net loss of $437 million for the third quarter. For the same period in 2013, it posted a net loss of $41 million. Amazon had warned shareholders when it reported its bleak second quarter performance in July that the next quarter would be equally grim. However, that did not keep investors from reacting in surprise and dismay when the Q3 report arrived. Shares dropped 10 percent on Friday. Among other problems, the Fire Phone’s weak sales resulted in a $170 million writeoff.