Amazon’s profit falls as faster shipping costs soar

Data pix.

NEW YORK (AP) — Amazon's push for faster delivery is hurting its profits.

The online retailer reported third-quarter earnings Thursday that missed expectations. Its stock sunk 9% in after-hours trading.

Amazon is moving to cut its delivery time in half, to one day instead of two, for Prime members who pay $119 a year. The company has said the change would cost it more than it expected.

The Seattle-based reported net income of $2.1 billion, or $4.23 per share, in the quarter ending Sept. 30. That's 36 cents below what analysts expected, according to FactSet.

Its revenue, however, beat expectations. Inc. says revenue rose 24% to $70 billion.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.