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October 6, 2008 9:25:52 PM CDT



Amazon Stock Soars on Booming Sales

Posted Jul 25, 07 4:50 AM CDT in Business Technology US 

(Newser) – Amazon.com shares shot up 21.4% in after-hours trading yesterday following a report that profits more than tripled in the second quarter thanks to booming sales and a new membership program that offers express shipping for a flat fee, reports the Wall Street Journal. The bump boosted the stock price from $69.25 to $84.09.

Amazon's stock price had been lackluster as investors grew wary of a steep increase in company spending. But strong sales—a 38% jump in the US and Canada and a 31% increase overseas—sent the latest quarter's earnings beyond expectations. The staggering demand for the final "Harry Potter" book is already boosting third-quarter performance, said company officials.

Source Wall Street Journal

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Jeff Bezos, Amazon.com, founder and CEO, takes questions from shareholders during the Amazon shareholders meeting in Seattle in this June 14, 2007 file photo. Amazon.com Inc. is expected to release quarterly...   (Associated Press)
An Amazon.com employee prepares copies of J.K. Rowling's "Harry Potter and the Deathly Hallows,"for shipping at the Amazon.com fulfillment center in Fernley, Nev., Monday, July 16, 2007. Amazon.com Inc....   (Associated Press)
FILES) Amazon.com Chairman and CEO Jeff Bezos discusses new features...   (Getty Images)
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