Amazon's quarterly profit drops 50%
Amazon’s fourth quarter 2006 profits dropped more than 50% from the same period in 2005. Net income for the busy holiday season was $98 million which is sharply lower than $199 million in 2005. Sales were sharply up and actually rose 34% to almost $4 billion dollars.
Despite the profit drop, the figures topped analysts’ forecasts and caused the stock to close up 6%.
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