Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: H James Morris who wrote (23871)	10/30/1998 11:27:00 AM
From: H James Morris	Respond to of 164684

< SEATTLE, Oct 28 (Reuters) - Amazon.com Inc <AMZN.O>. stock surged more than 7 percent on Thursday after the Internet retailer posted quarterly revenues well ahead of Wall Street expectations. Amazon.com, which steadily has regained lost ground in the stock market over the past six weeks, was up $9.19 at $126.25 in late afternoon Nasdaq trading. Late Wednesday the company reported that its losses deepened in the third quarter, but sales rose more than 300 percent over the year-earlier period to $153.7 million. Analysts generally had expected revenues in the $125 million range. After excluding a write-off for an acquisition, the Seattle-based company had a net loss of 49 cents a share in the quarter, compared with a Wall Street consensus loss estimate of 58 cents. Amazon.com said its music sales of $14.4 million from July through September made it the instant online leader in the first full quarter it competed in the category. "The success of Amazon's music channel marks only the beginning of new endeavors toward product diversification, creating the world's largest e-commerce destination," analyst Miles Russ of Wheat First Union said in a note. He and others predicted Amazon would launch an online video sales service shortly. The main competition for online music sales has been from CDnow Inc. and N2K Inc., which last week announced plans to merge. Together the two companies generated sales of $24.4 million in the third quarter. CDnow was off 75 cents at $7.31 and N2K fell 56 cents to $4.94, both on Nasdaq. Analysts still expect Amazon.com to lose money for at least the next two years as it invests aggressively to build its business, but the company's revenue already is six months ahead of previous forecasts. Analyst Mitch Bartlett raised his sales projection for the current quarter to $170 million from $157 million. He expects the company to post sales of $831 million next year, up from about $547 million in 1998. <CDNW.O> <NTKI.O> <AMZN.O> 00:21 10-30-98 >