Amazon.com reported revenue that missed analysts’ estimates and posted the first quarterly net loss since 2003, hurt by higher expenses and its investment in LivingSocial.com.
The third-quarter net loss was $274 million, or 60 cents a share, compared with net income of $63 million, or 14 cents, a year earlier. Sales rose 27 percent to $13.8 billion, compared with the $13.9 billion average analyst projection compiled by Bloomberg.
Amazon shares fell 2% to $221.05 after-hours. They dropped 2.4% in the regular session.
CEO Jeff Bezos is opening 19 fulfillment centers worldwide to offer speedier delivery to customers during the holiday shopping season, contributing to a 28 percent increase in operating expenses. Amazon also boosted spending on technology and content as it worked to expand video offerings and its line of Kindle tablets.