Amazon Is Tanking This Morning
After last night's earning report, investors are fleeing Amazon this morning.
The stock is down 11% in pre-market trading.
Amazon's earnings report fit a familiar pattern: Revenue met expectations growing 23% on a year-over-year basis, but it had a $126 million loss, which was much worse than expected.
On top of that, it forecasted a gargantuan $410-$810 million loss for the next quarter. Analysts were only expecting a $10 million loss next quarter, according to Bloomberg terminal information.
For years Amazon has grown sales at the expense of the bottom line, and for years investors have been okay with it. It seems like their patience is currently running out.
On the earnings call, Amazon's CFO said the company plans to invest $100 million in original shows.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance