Amazon Stock Slumps As Spending Increases
Amazon saw its stock price hit a six-month low Friday morning as increased spending limited its profit growth last quarter, according to Bloomberg.
Amazon's share price fell 9.4 percent to $305.46 early in trading Friday. The online retail giant's expenses rose 23 percent in the quarter, according to a company statement. That spending included investments into a TV set-top box that is Amazon's push to compete with Netflix and Apple.
A study released this week might also be concerning to Amazon. Researchers at Ohio State University say consumers in states that charge sales tax reduced their spending at Amazon by about 10 percent.