Amazon Blames LivingSocial for Its Lackluster Q3 2012 Results
Amazon reported its third-quarter results, and they weren’t pretty. The company reported revenue that fell short of estimates and posted its first quarterly net loss since 2003. Amazon’s executives pointed to LivingSocial as a drag during the quarter: “The third quarter 2012 includes a loss of $169 million, or $0.37 per diluted share, related to our equity-method share of the losses reported by LivingSocial, primarily attributable to its impairment charge of certain assets, including goodwill.” CEO Jeff Bezos touted the Kindle in hopes of lifting investors’ spirits. (ZDNet, Bloomberg)
