Amazon reveals huge dive in profits
The online retailer Amazon revealed a dive in profits of 73% in the third quarter of trading.
Amazon shares then plummeted by 12% in after hours trading on Tuesday.
In September, its global chief executive Jeff Bezos admitted that when the latest Kindle e-book goes on sale, each device would make a loss of $10. Amazon is counting on sales of music, books, movies and merchandise on the tablet to make up for this.
Christopher North, the managing director of Amazon.co.uk, told Radio 5 live Wake Up To Money that he was pleased with the results.
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26 Oct 2011
- From the section Business