Posted by News Express | 28 July 2017 | 2,155 times
Amazon founder and CEO Jeff Bezos lost his “world’s richest person” title after eight hours, as weak earnings pushed the company stocks lower on Thursday.
The e-commerce giant said its net income declined to $197 million in the second quarter, from $857 million the same period last year, marking a massive 77 percent decline.
Revenue rose 25 percent to $38 billion from $30.4 billion, but that was not enough for Bezos to retain his title.
Amazon stock price plunged 3.2 percent to as low as $1,020 per share in after-hours trading, after they closed the day at $1,046 a share.
Bezos, who owns 17 percent of Amazon stocks, saw his net worth falling to $88.7 billion, according to Forbes’ World’s Billionaires Real Time Ranking.
Microsoft co-founder Bill Gates regained his title of “world’s richest person” with $89.8 billion of net worth, the ranking showed.
Amazon is still the world’s fourth biggest firm by market capitalisation behind Microsoft, while Facebook is closing on the e-commerce giant.
Facebook may surpass Amazon in market value if the latter’s shares continue to decline on Friday due to weak earnings, according to analysts.
•Text courtesy of Anadolu Agency.
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