Friday, October 25, 2019

Amazon Q3 profit falls and misses Street

Chain Store Age
Heavy investments in Prime’s one-day delivery roll-out and other initiatives, including its cloud business, took a toll on Amazon’s profit in the third quarter.

Net profit fell to $2.1 billion in the quarter ended Sept. 30, compared with net income of $2.9 billion in the year-ago period.

Net sales increased 24% to $70.0 billion, boosted by a record Prime Day. Analysts had expected sales of $68.73 billion. . . . more