Amazon Stock Soars on Booming Sales

Shares jump 21.4% as retailer boosts volume worldwide
By Dustin Lushing,  Newser Staff
Posted Jul 25, 2007 4:50 AM CDT
Jeff Bezos,, founder and CEO, takes questions from shareholders during the Amazon shareholders meeting in Seattle in this June 14, 2007 file photo. Inc. is expected to release quarterly...   (Associated Press)
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(Newser) – 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.