Amazon Suffers Loss Worth 274 Million
A recent report confirmed third quarter revenue of Amazon, which amounts to a total loss of 274 million, or $0.60 per diluted share. It is believed that current stats show the poor investment decision made by the company on LivingSocial. It has further been explained that from the total loss, some $169 million of those losses were churned from company's investment in LivingSocial.
It has been observed that certainly, the company overrated the value of LivingSocial, and now, even investors can feel the heat as value of shares has gone down by over 2% in after hours.
While Amazon says this story, there is something else being heard from LivingSocial, which has tried to justify its stand, by sharing the third-quarter revenue report with its employees.
Apparently, LivingSocial Chief Executive Tim O'Shaughnessy claimed that over 95% of its losses in the third-quarter belong to non-cash items. "Those changes in valuation showed up as an 'impairment' in our financial statements, but they do not affect the day-in, day-out operations of the business", he added, while claiming that the market has also gone down during the same time and there are many companies who have born the loss. It would be worth seeing how Amazon comes out of this difficult time.
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