Amazon’s first fiscal quarter surprised shareholders Thursday by beating performance expectations. Investors sent shares upward even though the online retailer reported a 35 percent drop in net income. Amazon announced a net income of $130 million, or 28 cents a share, for its latest fiscal quarter. That’s down from the $201 million, or 44 cents a share, it reported a year ago, but it’s not as big a drop as was expected. Sales rose 34 percent to $13.2 billion, up from $9.86 billion at the same time a year ago.
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Amazon Investors Shake Off Profit Drop
Posted by: Rachelle Dragani April 27, 2012 10:54 AMAmazon’s first fiscal quarter surprised shareholders Thursday by beating performance expectations. Investors sent shares upward even though the online retailer reported a 35 percent drop in net income. Amazon announced a net income of $130 million, or 28 cents a share, for its latest fiscal quarter. That’s down from the $201 million, or 44 cents a share, it reported a year ago, but it’s not as big a drop as was expected. Sales rose 34 percent to $13.2 billion, up from $9.86 billion at the same time a year ago.