AFTER THE BELL - Amazon surges, Nortel tumbles
NEW YORK, Oct 24 (Reuters) - Amazon.com Inc. (NasdaqNM:AMZN - news) shares surged more than 12 percent in after-hours trading Tuesday after the online retailer posted a smaller-than- expected third-quarter loss, driven by strong sales.
Amazon shares last traded at $33-1/2 on the Instinet electronic brokerage system, up from a regular session close of $29-9/16.
After the close of regular trading, the company reported a pro forma operating loss of $68 million, or 25 cents per share for the quarter ended Sept. 30, compared with a loss of $79 million, or 26 cents per share a year earlier.
Revenues jumped 79 percent, to $638 million, compared with a year earlier. The company was expected to lose 33 cents in the third quarter, according to First Call/Thomson Financial.
In other after-the bell activity, Nortel Networks Corp.'s (NYSE:NT - news) shares plunged to $50-7/8 on Instinet, down nearly 20 percent from a close of $63-5/16.
The optical and networking company posted third-quarter earnings after the bell that only beat analysts estimates by one cent and fell short of revenue targets.
Compaq Computer Corp. (NYSE:CPQ - news) was up after the bell, last trading at $28-1/4 on Instinet, from a regular close of $27. Computer said after the close of regular trading that third-quarter North American revenues were up 27 percent, while European revenues rose 8 percent.
VerticalNet Inc. (NasdaqNM:VERT - news), which provides industry-specific online Web marketplaces and information to businesses, last traded after the bell on Instinet at $31-1/2 down from a regular session close of $32-5/8. The shares fell despite the company posting a third-quarter loss that fell short of Wall Street's forecasts. |
