Amazon Loss Widens as Bezos Pours Money Into New Services
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Amazon.com Inc. fell more than 11 percent after posting its widest loss since 2012, as its cloud-computing business showed signs of cooling and investments in new distribution warehouses and gadgets hold back profitability.
The world’s largest online retailer had a second-quarter loss of $126 million, wider than analysts’ $66.7 million average estimate and a $7 million loss a year earlier. Sales climbed 23 percent to $19.3 billion, while operating expenses increased 24 percent to $19.4 billion, Amazon said in a statement today.