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Tom Szkutak

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earnings

Amazon.com, like Google, defies economic worries

Jeff Bezos can safely unclench his legs. Amazon.com reported first-quarter earnings of $143 million, up 29 percent from the same quarter last year, on sales of $4.14 billion, up 37 percent. Wall Street dithered over the forecast, sending shares down in after-hours trading, but the underlying reality is this: Amazon.com, already large, is growing at a prodigious rate at a time in its life when most expected it to slow down. And the growth had little to do with digital sales or Web services. No, people are simply buying more online, more often. CFO Tom Szkutak said the company saw no signs of a recession in U.S. shoppers' buying behavior. How can that be, as other companies complain of economic woes? More »

3:00 PM on Wed Apr 23 2008
By Owen Thomas
629 views, 8 comments

Latest by Rachel Marsden: Why is it that Silicon Valley is run by tiny little men? Just an observation. more »