SAN FRANCISCO: Amazon on Thursday reported that quarterly profits fell shy of Wall Street forecasts, sending shares of the tech giant tumbling in after-market trades.
Cost of sales at Amazon leapt about 33 per cent , eating into net income, according to the earnings report. Amazon has also positioned itself for the year-end holiday shopping season with a freshened lineup of Alexa-powered products on extending from homes and cars to wearable devices, and a celebrity voice option for the popular digital assistant.
The analyst said Amazon's advertising and e-commerce operations"look very strong as investments in next-day shipping, though eating into the bottom line in the near term, are paying fast dividends on the top line."
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