Amazon investors ask for $300 billion to stay afloat
Amazon stock plunged nearly 10% after the tech giant posted a $300.9 billion net loss, and investors are asking for a more aggressive cash infusion to keep the e-commerce giant afloat.
The company reported a loss of $13.5 billion for the second quarter ended June 30.
Its shares fell more than 15% on the news.
Investors are also seeking an increase in Amazon’s dividend to about 2.8%, from its current 1.4%.
The news came as Amazon reported another loss, this time $11.3 billion.
The news is also bad news for the company’s chief executive, Jeff Bezos.
Amazon reported a $6.7 billion loss for the year, down from $12.2 billion a year earlier.
The company also posted a loss in revenue for the third quarter, up from a loss the previous year.
Amazon has been trying to turn around its fortunes after it was acquired by Amazon founder and CEO Jeff Bezos for $1.65 billion in 2016.
Shares of Amazon closed down 1.5% in after-hours trading.