Amazon saw profits fall to a seven-quarter low and forecast a drop in profits next quarter, as the company enters a phase of heavy investment in areas such as building warehouses, producing films, and setting up data centres.
Profits dropped to $197m during the second quarter, yielding earnings per share of 40c — less than half what analysts expected and a quarter of the earnings per share during the same period last year.
The news sent Amazon’s share price down almost 3 per cent in after-market trading on Thursday, after surge this week that valued the company at more than $500bn at its peak and briefly lifted Jeff Bezos to the top of the world’s billionaire rankings compiled by Forbes.
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