(Bloomberg) — Amazon.com Inc. reported its first quarterly profit decline in more than two years, missing analysts’ estimates, amid higher spending to speed package delivery. Shares fell more than 7% in extended trading.Third-quarter earnings were $4.23 a share, compared with $5.75 in the period a year earlier, the Seattle-based company said Thursday in a statement. Analysts, on average, estimated $4.59 a share, according to data compiled by Bloomberg. Amazon projected operating income of $1.2 billion to $2.9 billion in the current quarter compared with analysts’ estimate of $4.31 billion.Investors have been keeping a close watch on Amazon’s spending plans as …read more
Source:: Yahoo Finance
