From the Wall Street Journal:
Amazon.com Inc. first-quarter profit fell 35% as the online retailer’s heavy spending continued to weigh down the bottom line.
The results, however, sent shares surging more than 10% in the after hours as profit and revenue easily topped analysts’ cautious expectations.
. . . .
The online shopping giant says heavy investment will drive greater profitability in the long run—Kiva’s robots make its distribution network more efficient, for instance—though the spending spree has taxed investors’ patience.
Operating expenses grew 36% to $13 billion for the quarter—again outstripping revenue growth. Amazon said it added 9,400 employees during the quarter to bring its headcount to 65,600.
Link to the rest at The Wall Street Journal (Link may expire)