Friday, November 24, 2017

Amazon posts loss for third quarter in a row

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Amazon, the worlds largest retailer, has posted a strong increase in sales and narrowed its operating loss for the third quarter (Q3).

Its net sales, which were better-than-expected, rose 24 per cent to $17.1bn as the company launched new products including the Kindle Fire HDX and the Mayday button which gives customers free 24/7 live tech support.

The firm expect sales to grow further this quarter as it aims to capitalise on Cyber Monday on December 2nd. But its delayed set-top box may not be ready in time for the Christmas market.

Amazon also announced they have been building more warehouses and have deployed over a thousand robots to increase efficiency in order delivery.

Net loss was $25m in Q3, down from $274m a year earlier but it was the third quarter in a row that Amazon has posted a net loss.

“It‘s been a busy few months,” said Jeff Bezos, CEO, Amazon. He added that people can now use Kindle on aeroplanes during takeoff and landing.