Big losses for Amazon in the Stock Market

American retail giant Amazon has revealed some shocking financial news, that it has lost nearly $500 million in the past three months.

LOS ANGELES, CA (Catholic Online) - Amazon's shares dropped by 11% in after-hours trading, which took more than $15 billion off the company's value.

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The company did manage to increase sales by a fifth to $20.58 billion in the three months that led up to October, but it dropped $437 into the red with heavy spending on new projects.

That is nearly 10 times the $41 million loss the company reported this time last year.

Revenue has risen 20% to $20.58 billion, but that still misses the market's expectations of $20.85 billion.

The company's operating expenses rose from $12.4 billion to $14.6 billion in the same period during 2013 after the CEO, Jeff Bezos, began picking up media rights to compete with other media services like Netflix and Hulu.

Bezos also authorized the spending of tens of millions to develop drones in order to form a new delivery network.

"We've been, for several years now, in investment mode because of the opportunity in front of us," said Thomas Szkutak, chief financial officer. "There is still lots of opportunity in front of us, but we know we have to be selective."

The company expects sales between $27 billion and $30 billion for the upcoming holiday quarter, but may end up short of the $30.9 billion that analysts had expected.

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