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Amazon Shares Plummet After Disappointing Q2 Results
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Amazon Shares Plummet After Disappointing Q2 Results

Busy, busy, busy – that’s how we can describe the year Amazon’s had. The company entered the smar...

Amazon Shares Plummet After Disappointing Q2 Results

Busy, busy, busy – that’s how we can describe the year Amazon’s had. The company entered the smartphone business, launched their Prime Music streaming service, and  introduced a streaming set-top box called Fire TV. Oh, and let's not forget Amazon took first place in online retailing, beating Apple.

 

Amazon's second quarter results are a bit disappointing, though. The company announced its Q2 performance in a press release that reported $19.34 billion in revenue-- less than their Q1 revenue of $19.7 billion. Sales have increased 23% over last year, when Q2 results were $15.70 billion.

 

Operating loss was $15 million in the second quarter, compared to last year's operating income of $79 million in the same quarter.

 

In after-hours trading, Amazon's shares fell more than 6% because of the company's poor financial performance.

 

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Even though Amazon reported a net loss of $126 million in the second quarter, or $0.27 per diluted share, Jeff Bezos, founder and CEO of Amazon.com, is optimistic. “We continue working hard on making the Amazon customer experience better and better,” he said.

 

The company also revealed its plans to spend more than $100 million on original video content in the next quarter. Many new shows are available to Amazon Prime customers for free, even though Amazon increased its membership fee to $99.

 

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