Online retail giant Amazon has reported a loss of $126m (£74m) for its second quarter. However, revenues are up 23% to $19.34bn.
Shares fell more than 10% yesterday, and another 10% in after-hours trading. This was nearly double what Wall Street had predicted.
Why has this happened?
Amazon has been investing heavily in its new products, as it competes with tech rivals Google and Netflix.
Its new smartphone, the Amazon Fire Phone, goes on sale in the US on Friday but analysts have been pretty wary of predicting its success. The top-end phone at a premium price faces incredibly tough competition from tech companies already dominating the market, such as Apple, Samsung and Microsoft.
It also plans to make headway into the grocery market.
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