Amazon has reported third-quarter earnings, and it's clear the company hasn't been doing well.
The company posted a net loss of $437 million, or 95 cents a share, and revenue of $20.58 billion, meaning it just barely missed expectations of $20.84 billion in revenue. But to put things into perspective, Amazon posted a net loss of $41 million during the same period last year.
Amazon also expects the ballooning losses to continue into the fourth quarter - a critical holiday sales period for the company - to $570 million. Part of the reason is likely due to a lack of hardware sales as well as pricey acquisitions and investments.
The company's Fire Phone was considered a flop by most at launch, for instance, and it spent $1 billion on acquiring Twitch. Amazon also invested $2 billion in the Indian ecommerce market, though it secured a $2 billion credit line with Bank of America last month in order to continue investments.
Despite the array of bad news, Amazon did have an increase in revenue. Free cash flow also tripled from the year-ago quarter to $1.08 billion. Still, in after hours trading, Amazon's stock fell 11 per cent to to $278.88, after closing at $315.64 earlier in the day.
Although Amazon doesn't typically reveal sales figures for hardware devices, you can tune into the company's conference call at 2 PM PST to hear more about its dismal quarter that ended on 30 September.
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