Special Report

15 Companies Losing the Most Money

15. Amazon.com Inc. (Nasdaq: AMZN)
> Fiscal 2014 net loss: $241.0 million
> Fiscal 2014 revenue: $89.0 billion
> Industry: Online retail
> 1 yr. stock price change: +38.8%

Amazon.com posted a net loss of $241 million in its fiscal 2014, the 15th largest loss among the 500 large U.S. companies reviewed. The online retailer had total revenue of roughly $89.0 billion last year, an exceptionally large figure compared to other companies losing the most money. Companies with the largest net income gains, on the other hand, disproportionately have among the largest revenues. Even Amazon’s net income gain of $274 million in its fiscal 2013 was meager compared to the total revenue of $74.5 billion that year. Despite the company’s poor results — on paper — Amazon.com has been growing dramatically for years. Amazon.com has many of the hallmarks of tech startup companies — rapidly growing with little to no profits. But although it is still behaving like a startup — investing in its growth rather than profits — it is a 10-year old retail behemoth. Because many on Wall Street view this as CEO Jeff Bezos’ long-term strategy of favoring expansion over short-term gains, the stock price has shot up nearly 200% over the past five years. Amazon has never paid a dividend to its shareholders.

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14. Equinix Inc. (Nasdaq: EQIX)
> Fiscal 2014 net loss: $260.7 million
> Fiscal 2014 revenue: $2.4 billion
> Industry: Technology
> 1 yr. stock price change: +42.0%

Equinix, an interconnection and data center company, was founded in 1998 around the time that Internet-based commercial activity was beginning to take off. The company’s primary product, the Equinix Platform, aims to provide faster connectivity at lower prices across disparate networks around the world. Equinix operates in 15 countries around the world. As of the end of last year, Equinix had 3,866 employees, most of whom were based in the Americas. After posting profits in 2013 and 2012, the company posted a loss of $260.7 million in 2014. Despite the loss, Equinix reported 2014 annual revenues of $2.4 billion, up 14% from the year before. The company’s cash, cash equivalents, and investments were about $1.1 billion, also up from 2013. The net loss is largely attributable to increased spending on expansion projects, losses from debt extinguishment, and a year-over-year increase in operating expenses. Equinix did not pay a dividend to shareholders in 2014, but declared a $1.69 per share cash dividend in March 2015.

13. Salesforce.com, inc. (NYSE: CRM)
> Fiscal 2015 net income loss: $262.7 million
> Fiscal 2015 revenue: $5.4 billion
> Industry: Technology
> 1 yr. stock price change: +37.9%

Salesforce.com reported revenues of $5.4 billion for the 12 months ending January 2015, up from the previous fiscal year. Most of the revenue comes from customers subscribing to Salesforce.com’s cloud computing services. The company posted large losses in each of the last three fiscal years. In the most recent fiscal year, the company posted a net loss of $262.7 million, even larger than the previous year’s loss of $232.2 million. According to the company, aggressive and costly hiring and acquisitions — although largely responsible for the company’s rapid growth — also accounted for the net losses. Over the past four years, Salesforce.com has spent billions acquiring smaller companies. CEO Marc Benioff has also been praised in recent years for taking on social issues. Most recently, Benioff publically opposed Indiana’s “religious freedom” law, and is also reported to be reviewing his own employees’ salaries to ensure gender pay equality. Salesforce.com did not pay shareholders a dividend in 2014.

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12. Mallinckrodt public limited company (NYSE:MNK)
> Fiscal 2014 net loss: $319.3 million
> Fiscal 2014 revenue: $2.5 billion
> Industry: Pharmaceutical
> 1 yr. stock price change: +68.9%

Mallinckrodt, a pharmaceutical manufacturer and distributor, is one of the older companies on this list, founded in 1840. The company reported modest net income in its fiscal 2013 and 2012 but a net loss of $319.3 million in 2014 — the 12th largest loss among companies in the S&P 500. The company’s fiscal 2014 revenue of $2.5 billion grew from the previous year, however. Like many other companies posting the largest losses, Mallinckrodt’s current lack of profits is due in part to expenses related to major acquisition investments. Mallinckrodt acquired Cadence Pharmaceuticals and Questcor Pharmaceuticals in 2014 for $1.4 billion and roughly $5.8 billion, respectively. Most recently, the company acquired Ikaria in an all-cash $2.3 billion deal. The company did not pay a dividend to its shareholders in 2014.

11. Juniper Networks, Inc. (NYSE:JNPR)
> Fiscal 2014 net loss: $334.3 million
> Fiscal 2014 revenue: $4.6 billion
> Industry: Technology
> 1 yr. stock price change: 8.0%

Juniper Networks develops and sells a range of network devices, including IP routers and Ethernet switches, as well as security and support services. The Sunnyvale, California-based company reported a net loss of $334.3 million in its fiscal 2014, a stark change from the $439.8 million net income reported in the previous year. Juniper Network’s fiscal 2014 revenue of $4.6 billion was down slightly from its fiscal 2013 revenue. Juniper remains optimistic despite the revenue declines, and the current stock price has risen significantly in recent weeks. The company has been losing market share in its main IP routers business to Cisco and Alcatel-Lucent. Alcatel-Lucent was recently acquired by Nokia, which is one of Juniper’s major distribution partners. Juniper paid a 20 cent per share annual dividend to shareholders in 2014. It did not pay a dividend in 2013. The company declared a quarterly dividend of 10 cents per share, or 40 cents annually, for 2015.