Friday, October 24, 2014

Amazon Sitting On $83 Million Worth Of Unsold Fire Phones

Seattle-based Amazon.com has lots of products which are just flying out of its warehouses: however, the new Amazon Fire Phone is apparently not one of them. In Amazon's quarterly results conference call, Amazon CFO Tom Szkutak said that the company has $83M of unsold Amazon Fire Phone inventory in its warehouses. The company also said it took a $170M charge related to write down costs of the smartphone, which launched to much fanfare in July. Amazon--in a move to move some of that inventory--started offering up the phones for 99 cents with a contract on AT&T in September.