Amazon.com shares dropped as much as 18 per cent Wednesday after the on-line retail pioneer posted sharply lower second-quarter profit and said it would boost spending in the second-half, crimping its profitability. The stock tumbled to as low as $27.58 (£15.2) on concern about the company’s lower profit margins. Before the latest decline, Amazon.com’s stock had fallen about 28 per cent this year.

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