Amazon Reports Strong Growth

09 January 2001

Seattle-based online bookseller provided the etail world with a much-needed boost yesterday as it announced strong sales growth in the last three months of 2000.

The company reported a 40% jump in sales volume to $960 million. Amazon also gained around 4m new customers over the quarter, bringing the total to 29m.

Naturally, being a dotcom, Amazon is not breaking even, let alone making a profit. However, the anticipated 26 cents per share net loss is a significant improvement on 1999’s 55 cents per share shortfall.

The results were good enough to convince Wall Street analysts that profitability may not be an impossible dream. Investors seem to be impressed as well, with Amazon’s stock leaping 13% in after hours trading.

News source: BBC Online Business News (UK)