Market Commentary and Intraday News
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.
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