Amazon reports first quarterly net loss in years

Amazon.com Inc reported its first quarterly net loss in more than five years as the world’s largest Internet retailer spent heavily and suffered from an economic slowdown in Europe.

Amazon shares slipped slightly to US$220.75 in after-hours trading after the results.

The company said its third-quarter net loss was US$274 million, or 60 cents a share, versus net income of US$63 million, or 14 cents a share, in the third quarter of 2011. Part of the loss related to an impairment charge from Amazon’s investment in daily deal company LivingSocial.

via Business feed http://www.scmp.com/business/companies/article/1070179/amazon-reports-first-quarterly-net-loss-years