Friday, July 24, 2015

Amazon Reports Unexpected Profit, and Stock Soars - The New York Times

A multifaceted milestone quarter for Amazon

"The e-commerce company beloved by Wall Street for its fast-growing ways did something completely out of character in the second quarter: It made a profit.

It was only $92 million, practically a rounding error for Google or Apple. But it confirmed all the hopes and expectations of analysts and investors, who immediately pushed Amazon shares up 17 percent in after-hours trading Thursday to $566.

The surge added another $40 billion or so to Amazon’s market cap. That will almost assuredly propel it to be more valuable than Walmart for the first time when the stock market opens Friday, making this a deeply symbolic moment for e-commerce and the Internet. It is also a nice present for Amazon, which celebrated its 20th birthday last week."
Amazon Reports Unexpected Profit, and Stock Soars - The New York Times
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