AMZN - "Say anything Tom! Our god damned stock is tanking."
AP
Amazon Gains After CFO Remarks
Tuesday March 4, 3:13 pm ET
Amazon Up As CFO Reiterates '08 Sales View, Says Co. Scrambling to Increase Kindle Production
NEW YORK (AP) -- Shares of Amazon.com Inc. rose Tuesday after its chief financial officer reiterated the online retailer's 2008 revenue guidance and said Amazon is scrambling to improve production of its new e-reader device, Kindle.
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Amazon shares rose $3.30, or 5.3 percent, to $65.75 in afternoon trading.
Speaking at Bear Stearns' annual retail, restaurant and consumer conference in New York, CFO Tom Szkutak said in a Webcast of the event that he was not updating the company's guidance Tuesday.
His comment came in response to a question about how Amazon accounted for a global economic slowdown in arriving at its 2008 guidance.
Amazon expects full-year sales of $18.75 billion to $19.75 billion and growth of between 26 percent and 33 percent over its 2007 sales of $14.84 billion.
Szkutak said a variety of factors are reflected in the company's guidance, including the expected impact of its membership-based two-day shipping program, Amazon Prime.
Szkutak also spoke positively about the company's recently introduced e-book reader, Kindle, and its accompanying online store.
He said Amazon is "continuing to scramble to improve production" of the product, which is currently sold out.
"People are buying content and they're using their devices, and we'll continue to monitor and learn from what we see there," Szkutak added. |
