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Amazon profits down by 58%

Discussion in 'General Webmaster Helpdesk' started by temi, Jul 26, 2006.

  1. temi

    temi Facilitator Webmaster

    Amazon is facing tough competition from other retailers
    Online shopping giant Amazon.com has seen quarterly profits tumble, following spending on new technology and investment in its toy business.
    Net income fell 58% to $22m (£12m) in the three months to 30 June, from $52m a year earlier. Sales were up 22% in the quarter to $2.14bn.

    Amazon has increased spending, as it strives to stay ahead of rivals by offering deals such as free postage.

    It also has expanded its toy section after ending a tie-up with Toys R Us.

    Amazon's shares fell in after-hours electronic trading in New York, indicating that they will start $3.37 lower when markets open on Wednesday.

    full story : news.bbc.co.uk/1/hi/business/5215406.stm

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