Amazon Shares Slide Despite Profit Rise
Online retail giant Amazon has seen its value drop after crucial Christmas trading failed to meet expectations.
The Seattle-based firm said it made £145m in the three months to the end of December, up from £58m the previous year.
But the figure did not encourage the investors, and shares slid 10% in after-hours trading.
Amazon said its sales rose by a fifth to £15.5bn in the period, although analysts expected it to be higher.
Its forecast for the current quarter is also below analysts' expectations.
The company does not give a breakdown for its UK or European units.
Amazon has long focused on ploughing money into business expansion, including streaming videos to e-readers and grocery delivery in some areas, but the market has shown a shifting mood.
Investors have previously ignored its low profit margins and instead watched revenue growth and long-term potential.
The company posted losses in the previous half-year however its share price still hit a record high of around £250 last week.
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