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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Ram Seetharaman who wrote (106551)	7/26/2000 8:50:03 PM
From: H James Morris	Read Replies (2) \| Respond to of 164684

> SEATTLE (AP) - Amazon.com beat Wall Street projections by two cents Wednesday, losing less money than expected and posting an 84 percent increase over last year in sales for the quarter. However, the Internet retailer did report a 32 percent increase in losses and missed Wall Street's sales estimates. For the period ending June 30, Amazon.com posted a pro forma net loss of $115.7 million, or 33 cents per share, on sales of $578 million. A year ago, the company reported losses of $82.8 million, or 26 cents per share, on sales of $314 million. Wall Street analysts surveyed by First Call/Thomson Financial had projected losses of 35 cents per share. However, Wall Street had been hoping for sales of $585 million. The earnings report was released after the close of trading Wednesday. Shares of Amazon.com closed at $36.06 1/4, down $1.56 1/4, on the Nasdaq Stock Market. The drop continued in after-hours trading, with Amazon.com falling an additional 10 percent at one point, though it climbed back up somewhat later in the evening. The company said that its U.S. book, music and video divisions were all profitable in the quarter, posting just over $10 million in gross profits. Amazon.com's electronics division also saw growth, though the company did not immediately quantify it. ``While we continue to see improvements in all our businesses, we are especially pleased with the profitability in our U.S. Books, Music and Video group and the unusual growth in our Electronics store,'' said Amazon.com Chairman Jeff Bezos, who added that the company was on target for its year 2000 objectives. ``I'm proud that we've built an organization that can correct, mid-quarter, for lower sales and still come through with the bottom line that we had,'' Bezos added. Answering critics who say the e-commerce giant will run out of money before the end of the year, Amazon.com Chief Financial Officer Warren Jensen said the company had $908 million on hand at the end of the quarter and should have more than $1 billion by year's end. ``I think part of our objective was to really just let people know where we expected our cash position to come out,'' Jensen said. ``This should put it to rest for most people.'' Bezos said the company will continue working with other e-commerce companies into the foreseeable future, allowing them to essentially pay for access to Amazon.com's home page. Amazon.com will also work on opening new, wholly proprietary divisions as well, such as its new power tools and cooking ``stores.'' ``I don't see anything here that falls under the heading of bad news,'' said J.P. Morgan analyst Tom Wyman. ``They came in right where they should, and while there's still a long way to go, this is pretty positive.'' On Tuesday, Amazon suffered the loss of president and chief operating officer Joseph Galli, who left the company to become CEO of VerticalNet Inc. in Pennsylvania. Bezos said that while Galli's departure is a loss, Amazon.com will remain on track. The company, which gained nearly 3 million new customers in the quarter, experienced only a modest gain in sales compared with the first quarter. The second quarter is, however, considered the slowest time of year for most retailers. And losses were down from the first quarter of this year, when the company lost 35 cents per share. Analysts had hoped to see such a decrease, looking for a sign that the company would eventually become profitable. Bezos and other company officials said Amazon.com would not be profitable before 2002 at the earliest. AP-NY-07-26-00 1915EDT

To: Ram Seetharaman who wrote (106551)	7/27/2000 8:51:49 AM
From: James F. Hopkins	Read Replies (1) \| Respond to of 164684

Slew of downgrades this mourning on AMZN are forcing her on down.. bottom fishing her could be real risky, as she has broken her major support and the market in general is negative right now..( at least short term ). Jim