Amazon Lost $170M on Phones

After selling only 35,000 units, Amazon is writing off $170 million worth of unsold Fire Phones. The retailer launched the phone in July, but it immediately suffered from poor reviews. On Amazon, the device had an average rating of 2.1 out of 5 stars, and many buyers complained about the poor app selection. News of the writedown comes the day after Amazon released abysmal third-quarter earnings in which it posted a $544 million operating loss.