By Deepa Seetharaman SAN FRANCISCO (Reuters) – Amazon.com Inc posted a much larger-than-expected loss in the second quarter as it continues its rapid pace of investment in new businesses such as digital content and consumer electronics. Amazons stock price has dropped 10 percent so far in 2014, with investors leery of betting on its long-term growth at the expense of little to no profit. Amazon is investing heavily in new businesses and hardware products, as it prepares to take on major tech rivals from Apple Inc and Google Inc to Netflix. Chief Financial Officer Tom Szkutak said Amazon had a tremendous amount of opportunities and its investments were certainly impacting short-term results. The company is spending more than $100 million on original video content in the third quarter, a substantial increase compared to last year and the second quarter, Szkutak said.
Amazon’s heavy investing eats into bottom line, shares drop
25
Jul
2014
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