Amazon pays a price for one-day delivery as profit growth slows

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Washington

Amazon appeared to pay a hefty price for its move to speedy shipping, as the online giant reported profits below expectations as it ramped up for one-day deliveries.
Profits edged up just 3.6 percent to $2.6 billion in the past quarter, a figure below most Wall Street forecasts. Revenues rose 20 percent to $63.4 billion in the April-June period for the company, a dominant force in retail with its Prime subscription service which is moving from two-day to one-day delivery on most items.—AFP