NEW YORK: Shares of Amazon.com hit a 10-year high on Friday, rising more than 20 percent shortly after the market open a day after the online retailer reported robust quarterly profit.
At least two brokerages upgraded the company to their top rating on Friday after the results.
Amazon was recently up 20.2 percent at $112.35 after hitting a high of $113.17.
The online retailer reported a 69 percent surge in third quarter earnings as sales surged across all product lines and its Kindle electronic book reader was a hit with customers.
The Seattle-based pioneer of web-retailing said it earned $199 million in the third quarter compared to $118 million in the year-ago quarter. Revenue rose 28 percent to $5.45 billion.
"Kindle has become the No. 1 best-selling item by both unit sales and dollars - not just in our electronics store but across all product categories on Amazon.com," Amazon founder and CEO Jeff Bezos said in the statement.
For the fourth quarter, which includes the key holiday season, Amazon expects revenue of $8 to $9 billion compared to analysts forecasts of $8.13 billion.
The company said North American sales were up 23 percent from the same quarter last year, to $2.84 billion. International sales were $2.61 billion, an increase of 23 percent from 2008.
Sales of book, movies and other media grew by 17 percent to $2.93 billion, while electronics sales jumped 44 percent to $2.36 billion.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment