Amazon.com Breaks Dot-Com Record as Profit Beats |
| Bloomberg - Oct 23, 2009 |
Amazon.com Inc., cited a decade ago as an example of an overvalued dot-com stock, rose to an intraday record in Nasdaq trading today after third-quarter earnings trounced analysts’ estimates.
The world’s largest online retailer climbed as much as 23 percent to $114.75 after reporting a 69 percent jump in profit and a 28 percent gain in revenue. The shares, up 82 percent this year before today, reached a split-adjusted intraday record of $113 in December 1999.
Chief Executive Officer Jeff Bezos, a former hedge fund vice president who started Amazon.com more than a decade ago, has expanded the site’s array of products, pushed into international markets and introduced the Kindle digital reader. Amazon.com’s growth prospects look “as impressive as ever” and the company will continue to take sales from rivals such as EBay Inc., said Fred Moran, an analyst at Benchmark Co.
Read Full Article from Bloomberg
- Posted: 2009-10-23 10:36:44
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