Online retail giant Amazon has announced a huge third quarter loss of £273 million – a major increase on the £25.5 million loss in the same period last year.
Large losses in the next three months are also anticipated.
One of its distribution units is based in Milton Keynes and almost 1,000 new jobs were announced for the Christmas rush.
Amazon’s share prices plummetted by more than 10% in after-hours trading in New York.
Jeff Bezos, Amazon founder and chief executive, opted to focus on the company’s Christmas promotionsand told the BBC: “As we get ready for this upcoming holiday season, we are focused on making the customer experience easier and more stress-free than ever.”
Investors will be keen for Amazon’s significant revenues to be turned into profits for the shareholders.
Amazon has been investing heavily in a variety of new initiatives, including its $1bn acquisition of video game streaming site Twitch and its Amazon Fresh grocery delivery service in the US.
There has been a 20% fall in the company’s shares since the start of the year.