Amazon Shares on the Decline
CBJ – If people are looking for an apology from Amazon CEO Jeff Bezos about the online company’s lack of profit, they’re looking in the wrong place.
During a public forum, Bezos instead discussed Amazon’s acrimonious dispute with publisher Hachette Book Group and his purchase of the Washington Post. He acknowledged that Amazon had a succession plan in place, but remained tight-lipped about the details.
His comments came just after a Moody’s Investors Service report downgraded its outlook on Amazon to “negative,” citing the company’s upcoming debt offering and the “lack of visibility” about how the funds would be deployed. It had been expected he’d address some of the company’s profit problems of late, but he elected to cover other issues.
Investors have grown increasingly unhappy about Amazon’s spending and lack of disclosure about future plans. Its shares have fallen more than 18% this year, despite a 14% rise in the Nasdaq.