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Amazon reports lush Q4, expects more green

2 Feb 2009

Amazon.com said Thursday that its fourth-quarter profit rose 9% and easily surpassed analysts' forecasts. Those results, plus an optimistic forecast, sent its shares soaring 13% in extended trading.

In December, Amazon called the holiday season its "best ever", and the earnings report backed up the idea that the online retailer is not being seriously hurt by cutbacks in consumer spending. Amazon said its revenue in the current quarter should be between US$4.53 billion and $4.93 billion, while analysts are expecting $4.57 billion.

Shares of the Seattle-based company shot up $6.60 or 13.2%, to $56.60 in after-hours trading following the release of the earnings report. The stock had fallen 36 cents to finish regular trading at $50.

Read the full article here.