Amazon Chief Financial Officer Brian Olsavsky said Thursday that the costs of the company’s one-day delivery push will total some $1.5 billion during the holiday quarter. Amazon’s projections for operating income and sales in the period fell short of analysts’ estimates, and shares slumped as much as 9.1% in extended trading. Amazon projected operating income of $1.2 billion to $2.9 billion in the current quarter compared with analysts’ estimate of $4.31 billion. At the nadir of extended trading, Bezos fell almost $5 billion behind Bill Gates, according to the Bloomberg Billionaires Index. The unit’s operating income, $2.26 billion, accounted for more than two-thirds of Amazon’s total.

Source: Los Angeles Times October 24, 2019 20:48 UTC