Shares of Amazon are sinking in Friday trading after the online retailer posted a wider quarterly loss than it did a year ago. Amazon reported a second-quarter loss of $126 million, compared with a loss of $7 million in the same quarter last year. Revenue climbed 23% to $19.3 billion, in line with estimates. Operating expenses rose 24% to $19.4 billion. It is CEO Jeff Bezos' spending that concerns Wedbush analyst Michael Pachter, who said, "We are not convinced that the company will share sufficient details about future spending to allow us to accurately model profit growth, and it may take time before earnings per share grows sufficiently to justify its share price."
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