Amazon Announces Sharp Drop in Profits -- Finspreads
LONDON -- (Marketwire) -- 01/30/13 -- Finspreads: Online retail
giant Amazon has announced a sharp fall in profits in its latest
Net income for the last three months of 2012 stood at $97 million
(GBP 61.5 million), a sharp drop compared to the $177 million figure
notched up during the same period in 2011.
The retreat in profits came despite an increase in revenue, which was
up 22 per cent from $17.43 billion to $21.27 billion.
Jeff Bezos, founder and chief executive, says the figures are a cause
He said: "We're now seeing the transition we've been expecting.
"After five years, e-books is a multi-billion dollar category for us
and growing fast -- up approximately 70 per cent last year."
Amazon's shares on the Nasdaq slipped during trading yesterday
January (29th), falling by 5.68 per cent.
But investors seemed to show more faith in the company during
after-hours trading, with Amazon's shares shooting up by 8.91 per
Some analysts have attributed the company's rise after the bell to
its 56 per cent increase in operating revenue, which some claim has
increased the level of confidence amongst investors.
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