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Amazon profit slumps 77 percent as costs surge, shares fall

12:37 EDT 27 Jul 2017 | Yahoo News

Amazon profit slumps 77 percent as costs surge, shares fall(Reuters) - Amazon.com Inc reported a 77 percent slump in quarterly profit as the company invests heavily in areas such as video content and in fast-growing economies such as India. The shares touched a record high of $1,083.31 in regular trading, helping Chief Executive Jeff Bezos unseat fellow tech billionaire Bill Gates to become the world's richest person, according to Forbes. Amazon said operating expenses rose 28.2 percent to $37.33 billion in the second quarter ended June 30.


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