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Amazon's record-high income ends



NEW YORK –

Amazon's record-high income has come to an end. Right on the heels of what it said was another record of Prime Day, the company reported its first profit-miss in two years as it ramps up spending to improve and expand its delivery efforts. Earlier this year, Amazon invested $ 800 million to launch free one-day delivery for all Prime members.

Alphabet reported a beat on the top and bottom line. Revenue jumped by 19% and profits came to $ 9.2 billion as the tech giant continues to dominate internet searches. Growth is expected to persist while Google continues to stack ads on platforms including Maps and YouTube. This happened while Google and other tech giants are being investigated by foreign regulators and U.S. Justice Department over antitrust concerns.

Facebook fell below the $ 200 mark to end the week despite having strong income and revenue growth. The company reported sales of $ 1

6.9 billion and hit $ 16.5 billion. Facebook also posted earnings per share, announcing a profit of $ 1.99 per share against estimates of $ 1.88 per share. This comes after Facebook reached a major settlement with the Federal Trade Commission and was hit with a $ 5 billion fine on Wednesday. The fine is for privacy lapses after an investigation of the Cambridge Analytica scandal.


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