Amazon income plummets 73 per cent

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Online retailer Amazon has announced its third-quarter net income sank 73 per cent despite sales growth as it invested in increasing its business.

The company’s earnings fell short of analyst expectations and its stock dropped nearly 20 per cent in after-hours trading on US markets.

The company said it earned $63m (£39.4m), or 14 cents per share, in the quarter. This compares to $231m (£144.4m), or 51 cents per share, a year earlier.

Revenue climbed 44 per cent to $10.9bn (£6.81bn).

Analysts polled by FactSet expected net income of 24 cents per share on nearly $11bn (£6.87bn) in revenue.