Amazon's Profit Doubles

SAN FRANCISCO - Amazon's(AMZN Quote - Cramer on AMZN - Stock Picks) second-quarter profit more than doubled on strong sales of its media and electronics merchandise.

The Seattle-based online retailer posted a profit of $158 million in the second quarter, or 37 cents a share, up 102% from $78 million, or 19 cents a share a year ago.

The company's profit included a noncash gain of $53 million non-cash gain recognized on the sale of its European DVD rental assets; it wasn't immediately clear if the gain was part of the average analyst expectation of 26 cents a share.

Revenue rose 41% to $4.06 billion in the second quarter, compared with $2.89 billion a year ago and was higher than analysts' expectations of $3.95 billion. Excluding the favorable impact from changes in foreign exchange rates throughout the quarter, sales grew 35% from a year ago.

Shares of Amazon were up $6.46, or 9.2%, to $77 in recent extended trading.

For the third quarter, Amazon said it expects revenue to range from $4.2 billion to $4.425 billion, in-line with analysts' expectations of $4.23 billion.

For the full fiscal year, the company forecast revenue to be between $19.35 billion and $20.10 billion, matching Street expectations of $19.59 billion.

Amazon's rival eBay(EBAY Quote - Cramer on EBAY - Stock Picks), which reported its results last week, offered tepid guidance.

Last week, Google(GOOG Quote - Cramer on GOOG - Stock Picks) also admitted the slowdown in the economy is having an impact on its numbers, while Yahoo!(YHOO Quote - Cramer on YHOO - Stock Picks), which had struggled with a hostile bid from rival Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks), missed Wall Street's second-quarter estimates Tuesday and delivered a weak forecast.