Amazon Stock Falls As Income Declines 77%

Amazon posted a profit of $197 million for the quarter, a massive 77% drop from $857 million profit it reported in the same period a year earlier.
Amazon (AMZN, Tech30)’s stock fell more than 2% in after hours trading Thursday as the company reported a June quarter profit that fell well below Wall Street estimates.
Related: Jeff Bezos briefly dethrones Bill Gates as world’s richest personLast month, Amazon announced a blockbuster deal to buy Whole Foods for $13.7 billion.
So much for Jeff Bezos being the richest man in the world.
Bezos had narrowly edged out Microsoft (MSFT, Tech30) founder Bill Gates earlier in the day to briefly become the world’s richest person.

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