January 28, 2004
Bloomberg News: Amazon.com sees profit
My spin: It's been a long time coming for Amazon.com and its investors. Was, or will it be, woth it? Time will tell. But I must say, as a loyal Amazon.com customer - I LOVE Amazon.com. For it's new products but also for its marketplace of used products and services.
Amazon.com Inc., the world's biggest Internet retailer, said fourth-quarter earnings surged to about 28 times the year-earlier level, leading to the first annual profit since the company was founded in 1994, as holiday sales climbed.
Net income increased to $73.2 million, or 17 cents a share, from $2.65 million, or 1 cent, a year earlier, the Seattle-based company said in a statement. Revenue jumped 36 per- cent to $1.95 billion, helped by free delivery for certain orders. The company raised its forecasts for this year.
Products sold by vendors such as Omaha Steaks and Gap Inc. through Amazon.com Web sites after Chief Executive Jeffrey Bezos provided at least 850 retailers access to its more than 35 million customers. Holiday customers set a single-day record of at least 2.1 million units ordered along with foreign currency exchange gains, helped the company post full-year earnings of $35.3 million.(full story)
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