Amazon quarterly profit falls 73 percent

Reuters News
|
Posted: Oct 25, 2011 4:14 PM
Amazon quarterly profit falls 73 percent

(Reuters) - Amazon.com Inc reported a 73 percent drop in quarterly profit on Tuesday after spending heavily on its new tablet computer and other long-term projects.

The world's largest Internet retailer said third-quarter net income was $63 million, or 14 cents a share, versus $231 million, or 51 cents a share, a year earlier. Revenue was $10.88 billion, up 44 percent from the third quarter of 2010, it added.

(Reporting by Alistair Barr; Editing by Richard Chang)