Amazon Announces Q3 Revenues Of $13.81 Billion
Amazon.com has announced their third quarter revenues of $13.81 billion and earnings per share of -$0.60. The analyst expectations for the quarter was a loss of $0.08 on revenues of $13.93 billion. One of the biggest reasons for Amazon’s quarterly hit was because of LivingSocial.
“The third quarter 2012 includes a loss of $169 million, or $0.37 per diluted share, related to our equity-method share of the losses reported by LivingSocial, primarily attributable to its impairment charge of certain assets, including goodwill,” said Amazon in a statement.
About 62% of LivingSocial’s losses was due to their investment in LivingSocial. However Amazon’s operating activities in the quarter was a positive cash flow of $943 million.
Amazon’s net sales are expected to be around $20.25 billion and $22.75 billion. Their operating income (loss) is expected to be between $490 million and $310 million compared to $260 million in the year before.
[TNW]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry