No. 1 Internet retailer posts 2Q profit 4 cents above estimates; stock jumps after-hours.
July 22, 2003: 4:41 PM EDT
NEW YORK (CNN/Money) - Amazon.com reported a second-quarter profit Tuesday that topped Wall Street forecasts, versus a loss a year earlier.
The world's biggest Internet retailer said it earned $42 million, or 10 cents a share, excluding certain items, compared to a loss of $46 million, or 1 cent a share, on the same basis in the year-ago quarter. Analysts had forecast a profit of 6 cents a share excluding items, according to First Call.
Including certain items, Amazon reported a net loss of $43 million, or 11 cents a share, compared with a loss of $94 million, or 25 cents a share, for the same period a year ago.
Sales for the quarter came in at $1.1 billion, up 37 percent from a year ago, and a shade ahead of analysts' forecasts of about $1 billion.
Amazon (AMZN: Research, Estimates) stock jumped to $36.49 in after-hours trading, according to Instinet, after falling about 1 percent to $34.87 during regular trading on Nasdaq.
Amazon said it expects sales for the third quarter of $1.07 billion to $1.15 billion, above average forecasts of $1.03 billion. For the full year, the company said sales would be between $4.9 billion and $5.1 billion. Current estimates are for $4.8 billion in sales for 2003.
While the company did not give earnings-per-share guidance, it said it anticipates operating income of between $215 million and $255 million for the year, excluding any restructuring-related charges.
Analysts expect Amazon to earn 7 cents a share in the third quarter and 48 cents a share for the full year.
"These were pretty decent numbers overall, " said Dan Geiman, an analyst with McAdams Wright Ragen. "There was some concern over the sales numbers but revenue also was strong for the quarter. There doesn't appear to be any letdowns here."
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