Amazon.com’s Loss Narrows as Sales Rise
Amazon.com Inc.’s first-quarter loss narrowed as sales of books, movies and music rose in the United States and the world’s largest Internet retailer benefited from cost cutting.
The loss narrowed to $23.2 million, or 6 cents a share, from $234million, or 66 cents, a year earlier, Amazon said. Sales surged 21% to $847.4 million.
The company also announced that Borders Group Inc., the second-biggest U.S. bookseller, agreed to let Amazon customers pick up some online purchases at its stores. Borders will record the sales of items ordered online and picked up at its stores, and Amazon will get a commission. Amazon also will manage a new Web site for Borders’ Waldenbooks division.
Shares of Seattle-based Amazon rose in after-hours trading to as much as $15.23 after the financial results were announced. The shares had closed at $14.06 on Nasdaq, down 25 cents.
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