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Thursday, April 23, 2009

Amazon.com Posts 24% Jump in Net on Strong Sales

By Kathryn Buschman Vasel

FOXBusiness

Amazon.com (AMZN) defied worries the recession was going to hurt its bottom line and posted earnings beating Wall Street’s expectations with a 24% increase in earnings after Thursday’s closing bell.

The Seattle-based company reported a net income of $177 million, or 41 cents a share for the first quarter, up from a net income of $143 million, or 34 cents a share, for the same period the previous year. Analysts polled by Thomson Reuters were expecting earnings of 31 cents per share.

Revenue came in at $4.89 billion for the quarter -- an 18% jump from the same time last year, thanks to strong sales in books, DVDs and electronics. Analysts from Thomson Reuters were expecting revenue of $4.76 billion.

A leader in electronic commerce, the company posted an 18% in net sales to $4.89 billion in the first quarter, compared with $4.13 billion in first quarter the year prior. Operating income jumped 23% to $244 million.

For the current second quarter, Amazon forecasted revenue to come in around $4.3 billion to $4.75 billion, with operating income to be between $110 million and $190 million.

Shares of the company were up more than 1% at just above $80 per share on Monday during the regular trading session. Shares have been up nearly 60% since its last quarterly report.

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