Amazon on the Defensive After Hefty Quarterly Loss
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Amazon(NEW YORK) — Amazon will be on the defensive Friday, as the web giant takes a hit from investors after posting its largest quarterly loss in 14 years.
In pre-market trading, Amazon stock was already down more than 10 percent.
On Thursday, the online retail giant released its third quarter earnings report, which showed a far greater than expected net loss and revenue that did not meet expectations, as well as weak guidance for next quarter’s earnings.
The company has been criticized for many of its expansionist policies, including new products like the Amazon Fire phone, which has generally been seen as an unsuccessful product.
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