Amazon Reports $7 Million Net Loss in Q2, Stock Falls Below $300

Amazon's second quarter earnings came below Wall Street estimates, causing the stock to dip by as much as 4% in after hours trading.

The ecommerce giant posted a net loss of $7 million or -$0.02 per share for the June quarter on revenue of $15.7 billion, falling short of consensus estimates for earnings per share of $0.05 on revenue of $15.73 billion.

Amazon and its CEO Jeff Bezos are known for operating on razor thin margins to keep the prices of product and services low, but it's still unusual for the company to post a net loss for the quarter. In the same quarter a year ago, Amazon posted a net profit of $7 million for the quarter, or $0.01 a share Read more...