17:24 ET<\/span><\/span><\/p>\nOnline retail giant Amazon has reported a sharp slump in quarterly profits as the cost of investing in new business offset a big jump in sales.<\/p>\n
Net income for the first three months of the year was $201m (\u00a3122m), down by 33% on the $299m the company made a year earlier.<\/p>\n
But net sales rose sharply to $9.86bn from $7.13bn.<\/p>\n
The rise in sales and fall in profit was in part thanks to a number of new products launched in the quarter.<\/p>\n
These included new software for the company’s popular Kindle e-book reader, cloud computing applications, which allow data to be stored on remote servers, as well as an e-bookstore in Germany.<\/p>\n
North American sales hit $5.47bn, up 45 % on a year earlier, while international sales grew 31% to $4.39bn.<\/p>\n
“We love inventing on behalf of our customers and have never been more excited about the long-term opportunities,” said Amazon founder and chief executive Jeff Bezos.<\/p>\n
‘Investment year’<\/span><\/p>\nThe company said it expected sales to continue growing sharply.<\/p>\n
It forecast sales of between $8.85 and $9.65bn in the current quarter, a rise of between 35% and 45% on a year earlier.<\/p>\n
Analysts said the first quarter profit figure was disappointing, but this was not a major problem while sales were rising so fast.<\/p>\n
“This is another investment year,” said Colin Sebastian at Lazard Capital Markets.<\/p>\n
“It’s probably not going to be until the fourth quarter that we see some leverage from that.”<\/p>\n<\/div>\n
See more here:
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