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October 26, 2011 02:16 am GMT
Amazon's third quarter profits are down a stunning 73 percent. The stock is getting slammed in after-hours trading (down $28 right now). And yet revenues were up 44 percent to $10.9 billion and on the conference call today Amazon CFO Tom Szkutak says, "We expect to have a record quarter in terms of device sales in Q4."As well it should. Amazon announced a new line of Kindles in September, including a tablet, the Kindle Fire. Orders for the new Kindles are double what they were the last time Amazon launched a new line, and it is "building millions more" Kindle Fires than it had anticipated, according to CEO Jeff Bezos. So where did all the money go?Amazon is ramping up investments in the backend infrastructure to support all the digital media it expects people will want to consume on their Kindles, especially their Kindle Fires. It is spending a lot of money on both technology and content.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/egocvNa7ejw/
Why Did Amazon Profits Take A Hit? It Is Investing In The Future (Content And Web Services)
Amazon's third quarter profits are down a stunning 73 percent. The stock is getting slammed in after-hours trading (down $28 right now). And yet revenues were up 44 percent to $10.9 billion and on the conference call today Amazon CFO Tom Szkutak says, "We expect to have a record quarter in terms of device sales in Q4."As well it should. Amazon announced a new line of Kindles in September, including a tablet, the Kindle Fire. Orders for the new Kindles are double what they were the last time Amazon launched a new line, and it is "building millions more" Kindle Fires than it had anticipated, according to CEO Jeff Bezos. So where did all the money go?Amazon is ramping up investments in the backend infrastructure to support all the digital media it expects people will want to consume on their Kindles, especially their Kindle Fires. It is spending a lot of money on both technology and content. Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/egocvNa7ejw/
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