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Amazon.com reports strong earnings

April 24, 2007

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Long considered a bellweather stock, Amazon.com today reported net earnings that largely beat analyst's forecasts. The company also raised its sales guidance and announced a share buyback program. The news triggered a big rally in after-hours trading of its shares.

Amazon reported 1st quarter earnings of 26 cents a share, up from 12 cents a share for the corresponding 2006 period. Overall, Wall Street analysts were expecting Amazon to earn 15 cents a share.

On Nasdaq, shares of Amazon.com jumped about 8.5 percent in after-hours trading, after ending little changed in regular hours.

The company's revenue increased 32 percent to $3.02 billion, Amazon said. Excluding gains from favorable exchange rates, net sales rose 29 percent.

Analysts polled by First Call were looking for a 28 percent rise in revenue, to $2.9 billion. However, it wasn't clear if First Call's numbers included foreign exchange differences or not.

Nevertheless, Amazon said revenue in the second quarter should come in between $2.7 and $2.85 billion, on the high side of First Call estimates.

For the full 12-month period, the company predicted revenue of $13.4 to $14 billion. First Call's estimate was $13.4 billion.

Amazon.com also announced a stock buy back of $500 million for 2007.

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Source: CNN Money



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