Shares fall sharply in after-hours trading as the online retailer reports one penny below forecasts.
July 22, 2004: 4:28 PM EDT
NEW YORK (CNN/Money) - Amazon.com Inc. said Thursday it posted a profit on higher revenues as it continued to drive stronger sales with aggressive pricing and free-shipping incentives.
But the quarterly result missed Wall Street estimates by a penny, sending its shares down sharply in after-hours trading.
The Web's largest retailer reported a second-quarter net income of $76 million, or 18 cents per share, compared with a year-earlier net loss of $43 million, or 11 cents per share.
But Wall Street analysts on average were looking for 19 cents per share from Amazon, according to earnings tracker Thomson First Call.
Shares of Amazon.com (AMZN: Research, Estimates) fell $2.49, or more than 5 percent, to $43.33 in heavy after-hours trading. Before the announcements, Amazon shares closed at $45.82 on the Nasdaq, up 2.4 percent
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