Tuesday, April 25, 2006
Amazon.com Inc. posted a 20 percent rise in first-quarter sales, allaying concerns of a major slowdown at the Internet retailer, but costs from its discount shipping program and new technology helped drive profit down 34 percent.
The company also warned that operating earnings could be crimped by $50 million for the year if it lost a court appeal to keep a contract with Toysrus.com, which has successfully sued to end a partnership.
The online retailer said net income in its first quarter fell 34 percent to $51 million, or 12 cents per share, from $78 million, or 18 cents per share, a year earlier. First quarter 2005 included a gain of $26 million, or six cents per diluted share, related to a change in accounting principle.
By: DocMemory
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