Addressing perhaps the most closely watched prediction in e-commerce, e-tail giant Amazon.com (Nasdaq: AMZN) on Tuesday reiterated its call for an operating profit in the fourth quarter of this year.Amazon made the announcement as it reported results for the third quarter ended September 30th. Despite the fact that revenue remained virtually the same as it was in the year-earlier quarter, Amazon announced that its operating loss had dropped 60 percent, to US$27 million.”We’ve lowered our operating costs 20 percent and can now afford to drive growth by lowering prices for customers,” Amazon founder and chief executive officer Jeff Bezos said. “If you’re buying books over $20 from anywhere but Amazon.com, you’re probably wasting money.”Before the announcement, Amazon stock gained 78 cents Tuesday, or 8.9 percent, closing at $9.55. However, in early trading Wednesday, the stock fell $1.92 — 20.1 percent — to $7.63.In its history as an e-commerce bellwether, Amazon first sacrificed profitability in pursuit of growth, then sacrificed growth in pursuit of profitability. Investors and analysts now are sure to demand both at once.For the recently completed quarter, Amazon reported revenue of $639 million, not even 1 percent higher than the $638 million recorded in the third quarter of… Read full this story
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