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.