Inc said on Wednesday
quarterly net income doubled on a 41 percent rise in revenue,
helped by higher operating profit margins.
The online retailer posted second-quarter net profit of
$158 million, or 37 cents per share, compared with $78 million,
or 19 cents per share, a year earlier. Revenue in the quarter,
which is seasonally the slowest, rose to $4.06 billion.
Analysts, on average, have been expecting earnings per
share of 26 cents on revenue of $3.95 billion, according to
Reuters Estimates.
Seattle-based Amazon, which has been lowering prices on
many goods to spur purchases during the U.S. economic downturn,
reported a rise in operating profit margin to 5.3 percent of
total sales from 4.0 percent a year ago.
Valued at 45 times projected 2008 earnings, Amazon shares
trade well above many Internet stocks, including Google Inc, as
well as brick-and-mortar retailers with big online divisions
like Wal-Mart Stores Inc, Target Corp and Best Buy Co Inc, at
17, 13 and 12 times projected earnings, respectively.
(Reporting by Alexandria Sage; Editing by Braden Reddall)
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