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Reuters
Reuters
Business
Akanksha Rana and Jeffrey Dastin

FORGOTTEN HISTORY: Amazon s push for faster delivery dents profits costs up 21 | History Defined

FILE PHOTO: A delivery cart loaded with a number of packages from Amazon stands on a sidewalk in New York City, New York, U.S., July 25, 2019. REUTERS/Lucas Jackson

(Reuters) - Amazon.com Inc <AMZN.O> on Thursday reported its first profit miss in two years and said income would slump in the current quarter, as the online retailer ramps up spending on one-day delivery to spark sales growth.

The company also said its investment in faster shipping was starting to pay off, with revenue rising 20% to $63.4 billion (£50.9 billion) in the second quarter ended in June. That topped analysts' estimates and the 17% rate of growth that Amazon posted in April.

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