Amazon’s faster shipping dents profits, more pain to come

By Lisa Baertlein (Reuters) - Amazon.com Inc's chief financial officer on Thursday said costs for its one-day shipping program will spike to around $1.5 billion during the holiday season as the online retailer speeds up free delivery to woo shoppers and fend off rivals like Walmart Inc and Target Corp. Amazon's fourth-quarter cost for one-day shipping will be nearly double the $800 million (£622.28 million) the company spent during the second quarter, Chief Financial Officer Brian Olsavsky said on a call with reporters

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