By Daniel Hunter

Amazon has reported losses of $437m (£273m) for the third quarter of 2014, a sharp increase from the $41m loss posted in the same period last year.

The online retailer doesn't expect things to improve in the next quarter either, with bigger-than-expected losses on the horizon.

The results sent Amazon's share price down by more than 10% in after-hours trading in New York. It adds to investors' concerns that Amazon can translate its impressive revenues into profits for shareholders.

The majority of the losses come after Amazon's operating expenses grew by £4bn in a year. And the retail giant has spent heavily on several new initiatives over the years, including the Kindle, its own video streaming service to rival Netflix and even its own grocery delivery service.

Amazon founder and chief executive Jeff Bezos, said: "As we get ready for this upcoming holiday season, we are focused on making the customer experience easier and more stress-free than ever."

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