Amazon Beats Expectations as Losses Narrow

24 April 2002

Etail titan on Tuesday released first-quarter results that bettered analysts’ expectations, with net losses narrowing to $23.2 million (€26.1m; £16m) from $234.1m in Q1 2001.

Revenues jumped 21% year-on-year, from $700.4m to $847.4m – comfortably ahead of the $804m expected by Wall Street. The group expects sales of $765m–$815m in the second-quarter, while full-year sales, boosted by discounts and promotions, are forecast to rise 15%, ahead of Amazon’s previous prediction of 10%.

“We are ahead of schedule financially,” beamed chief financial officer Warren Jenson. “Our continued operational progress and momentum allow us to further lower prices for customers and at the same time increase our 2002 guidance.”

Investors were certainly impressed, with Amazon’s stock price surging 8% in after-hours trading.

Data sourced from: Financial Times; additional content by WARC staff