Sunday, February 1, 2009
Amazon Stock Soars
Amazon.com Inc. said Thursday that its fourth quarter profit rose 9 percent and easily surpassed analysts' forecasts. Those results, plus an optimistic forecast, sent its shares soaring 13 percent in extended trading. Amazon had 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. This is really good news. They also said their revenue in the current quarter should be between $4.53 billion and $4.93 billion while analysts are expecting $4.57 billion. Shares of the Seattle based company shot up $6.39, or 12.8 percent, to $56.39 in after hours trading. The stock had fallen 36 cents to finish regular trading at $50.