Amazon Sales Beat Wall Street Expectations
But profit fell due to increased operating expenses
It’s been a good three months for Amazon, thanks to the Kindle and an emphasis on digital content. Tuesday, the online retailer reported second-quarter sales that beat analysts’ expectations, with shares jumping in late trading.
Amazon reported that sales climbed to $9.91 billion—a 51 percent increase over the same period last year, when sales were at $6.57 billion—beating Wall Street’s projection of $9.38 billion. CEO Jeff Bezos said in a statement that competitive pricing and a growing selection of merchandise had led to “the fastest growth we've seen in over a decade.”
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