After the New York stock market closed on 27th of July, Amazon’s shares lost 3.2 percent. Founder of Amazon Jeff Bezos was the richest person in the world just for 8 hours. Amazon’s net profit in the second quarter of 2017 was $ 197 million, which is down 77 percent from the same period of last year.
Amazon’s founder Jeff Bezos was able to protect his title “the richest man in the world” for 8 hours, while e-commerce giant Amazon saw its net profits fall in the second quarter of this year and then fell firmly.
With the opening of the New York Stock Exchange, Amazon shares made a premium of 1.6 per cent, while the company’s founder Bezos’ fortune, reached $ 90.2 billion. As a result, Bezos, took the title “the richest person in the world” by leaving behind the founder of Microsoft Bill Gates, 61, who had $ 90 billion net worth. But, Amazon’s shares fell by 3.2 percent after the collapse of the New York stock exchange, while Bezos’s “richest person in the world” title lasted only 8 hours.
In the loss of value of Amazon’s shares, the sharp drop in net profit of the firm was effective. In an statement made by Amazon, the company’s net profit in the second quarter of this year was $ 197 million, which is 77 percent less than the same period of last year. The company had a net profit of $ 857 million in the April-June period of last year.
On the other hand, Amazon’s revenue in the second quarter of this year is $ 38 billion, up 25 percent from the same period last year. The company reported revenue of $ 30.4 billion in the April-June period of last year.