AfterDawn: Tech news

Amazon posts a loss due to LivingSocial stake

Written by Andre Yoskowitz @ 25 Oct 2012 10:32 User comments (1)

Amazon posts a loss due to LivingSocial stake Amazon reported their quarterly earnings today, posting a loss for the first time since 2003.
The big drag was struggling daily deal giant Living Social and higher expenses for their ecosystem and delivery system.

Amazon, the world's largest e-tailer, saw a loss of $274 million even though revenue jumped 27 percent to $13.8 billion year-over-year.

CEO Jeff Bezos says the company is opening 19 worldwide fulfillment centers to offer faster delivery for the holidays. With this, however, expenses jumped 28 percent, dragging on potential profits.

The biggest loss came via LivingSocial, however, where the company owns a majority stake. After investing $175 million in the service, the company was forced to take a $169 million loss this quarter.

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1 user comment

126.10.2012 10:24
Chu3505
Inactive

Amazon it to determine to much to be one of the best in the Internet retailers businesses.They tries to expand to quick and tries to hard to cover all the shipping routes within the United States,Canada and the world to quick much more than they can handle for of this times.They should of waited for a better deal and contracts within their handling and shipping partners.

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