Amazon had warned that it would lose bundles of cash in the third quarter, and it didn’t disappoint.
The company said it had a net loss of $437 million for the quarter, compared with $41 million in the year-ago quarter. The company said it lost 95 cents a share in the quarter, compared to 9 cents a share loss in 2013. Analysts had forecast a loss of 74 cents a share.
Revenue rose 20% to $20.6 billion, up from $17 billion in the year-ago quarter. Shares of Amazon are down more than 23% year-to-date, as investors have grown weary of losses. In the previous quarter, Amazon posted a $126 million loss.