Web retailer Amazon's profits shoot up

Published Thursday July 24th, 2008

NEW YORK - Amazon.com Inc. showed yesterday that it wasn't being hurt by economic weakness and high fuel prices, reporting second-quarter earnings that more than doubled and surpassed analysts' expectations. The Internet retailer also raised its full-year revenue projections.

Sales were strong in several sections of Amazon's massive marketplace, and the company was helped substantially by a US$53 million non-cash gain from the sale of European DVD rental assets.

For the quarter that ended June 30, Amazon earned $158 million, or 37 cents per share. Amazon earned $78 million, or 19 cents per share, in the same quarter last year.

The company's revenue climbed 41 per cent to $4.06 billion, including a 35 per cent leap in North American sales.

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