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Profits slide at Amazon

Profits slid to $197m at etail giant Amazon in the three months to June 30, down from $857m at the same time last year.

Amazon prime day

Amazon prime day

Revenue was up by a quarter to $38bn (£29.1bn) during the period, but Amazon’s bottom line was hit by investment in new countries, video services and new warehouses.

The Seattle-based business plans to create more than 130,000 new jobs by mid-2018 to help further speed up delivery.

Amazon unveiled its new tech hub in Shoreditch, east London, earlier this week. The 15-storey office will eventually house 900 roles, and the company expects to have 5,000 employees across its three London offices by the end of this year.

 

Readers' comments (1)

  • Profits mean taxes. Not a surprise.

    The focus on fashion, whether or not a success, whether or not Amazon can compete at the more affluent end, there is going to be an impact.

    An impact on margins, market share and profits of competitors. Few (if any?) have the financial clout to do this in the current economic climate.

    The next 12 months will be a fashion tipping point. It's no longer about investing in technology. It's got to be the right technology as well as the pace of implementation.

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