Amazon.com meets tiny 2nd-quarter profit expectations but revenue comes up short
July 26, 2012 - 4:27 PM
SEATTLE - Online retailer Amazon.com is reporting second-quarter earnings that match Wall Street's small expectations, but its revenue gains have fallen short of forecasts.
Net income in the three months to June 30 came to just $7 million, or a penny per share, a drop of 96 per cent from $191 million, or 41 cents, a year ago.
That matched expectations of analysts polled by FactSet, although Amazon.com Inc. says its profit was hurt by a $65 million loss related to its acquisition of Kiva Systems Inc.
Revenue grew 29 per cent to $12.83 billion, short of the $12.90 billion expected by analysts.
However, Amazon.com said Thursday that revenue was negatively impacted by currency movements to the tune of $272 million.
Shares fell 1.7 per cent to $216.38 in after-hours trading.
News from © The Associated Press, 2012