US: Amazon soars in Q2 with 257% profit hike
Shares in Internet-based retailer Amazon went through the roof this week as the company nearly tripled its second quarter profits.
According to the Associated Press (AP) the online trader's share price jumped 21% to $83.95 in after-hours trading on Tuesday.
It followed news that Amazon.com had increased its net income 257% to $78m in the second quarter, on the back of a 35% net sales increase to $2.89bn in the second quarter, compared with $2.14bn in second quarter 2006.
Worldwide Electronics & Other General Merchandise, which includes apparel and footwear, grew 55% to $970m for the quarter.
Amazon tied up with the Lacoste brand during the quarter to launch a multi-channel e-commerce service, including the website lacoste.com, phone ordering, customer service, and fulfilment.
In addition, Amazon Europe launched a Jewellery and Watches store on its website with brands including Rotary, Diesel, Timex and Citizen.
The company's full year expectations are for net sales to be between $13.80bn and $14.30bn, growing between 29% and 34% compared with 2006.
Its share price had fallen slightly today (26 July), meanwhile, standing at $85.79.
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