Amazon 2Q Profit More Than Triples, Stock Jumps 12%
Seattle: Amazon.com Inc.’s recorded three-fold increase in its profit for the second quarter ended June 30, 2007.
The company stated that its income boosted on the back of healthy sales of books, music and electronics internationally. The company’s stock surged 12.5 percent in after-hours trading.
The web retailer’s earnings for the three months mounted to $78 million, or 19 cents a share, as compared to $22 million, or 5 cents a share in the same period last year.
The quarterly results exceeded Wall Street’s outlooks. Analysts estimate a profit of 16 cents per share.
Revenue jumped 35 percent to $2.88 billion from $2.14 billion in the corresponding period of the last year, beating analysts' expectations for $2.81 billion in sales.
Before the announcement of the quarterly results, shares of Amazon dropped $2.49, or 3.5 percent, to close at $69.25. They benefited $8.65, to $77.90, in after-hours trading.