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News Summary: Amazon meets tiny 2Q profit estimate
327 days ago
By The Associated Press
A PENNY PER: Online retailer Amazon.com Inc. matched Wall Street's second-quarter profit forecasts for a penny per share. Shares rose about 1 percent in after-hours trade.
COSTLY WAREHOUSES: The company says profits are being hurt by the losses related to a warehouse technology company it purchased called Kiva Systems Inc. It is also building out fulfillment centers ahead of the holidays.
EXPENSIVE EARNINGS: Analysts polled by FactSet expect Amazon to earn $1.17 per share this year. That means shares are trading at a whopping 190 times earnings. Apple's shares cost 13 times earnings while Google's cost 14 times.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
