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Amazon Q2 net profit doubles, sales up 41 percent

SAN FRANCISCO (Reuters) - Amazon.com Inc said on Wednesday quarterly net income doubled on a 41 percent rise in revenue, helped by higher operating profit margins.
Posted : Wed, 23 Jul 2008 20:11:00 GMT
Author : Reuters
Category : US (Business)
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SAN FRANCISCO (Reuters) - Amazon.com 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)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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