Amazon Q1 Profit Spikes

Online retailer sees 30% jump in face of economic slowdown
By Jonas Oransky,  Newser Staff
Posted Apr 23, 2008 5:35 PM CDT
Amazon Q1 Profit Spikes
Jeff Bezos, founder and CEO of Amazon.com.   (AP Photo/Mark Lennihan)

Amazon posted a 30% profit jump in the first quarter, the Wall Street Journal reports, defying the sluggish economy. Net income was $143 million (34 cents a share) compared with $111 million (26 cents a share) in last year's first quarter. The company’s operating income guidance for the fiscal year fell, however—pushing shares sharply downward after hours. (More Amazon.com stories.)

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