Amazon reports big quarterly net loss

Features Reuters

Amazon.com Inc reported a big quarterly net loss on Thursday as the world's largest Internet retailer spends heavily to expand existing operations and develop new businesses.

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Amazon said its third-quarter net loss was $274 million, or 60 cents a share, versus net income of $63 million, or 14 cents a share, in the third quarter of 2011.

Part of the loss related to an impairment charge from Amazon's investment in daily deal company LivingSocial.

Third-quarter revenue was $13.81 billion, up 27 percent from a year earlier, Amazon also said.

(Reporting By Alistair Barr; Editing by M.D. Golan)