Amazon.com Inc., shaking off concerns that the slumping economy is hurting the Web retailer's business, reported that its second-quarter profit doubled on a 41% revenue increase, and raised its sales forecast for the year.
The company's aggressive discounting and free-shipping programs helped lure shoppers who have grown increasingly cautious about their spending, analysts said. Amazon's expanding product line, aided by the growing number of merchants who sell on its site, also attracts return buyers. "Amazon is clearly bucking the trend" of other disappointing technology earnings such as Yahoo Inc. and eBay Inc., said Jeetil Patel, a Deutsche Bank Securities analyst. "It's pretty impressive," he said.
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