Amazon.com Expects to Beat First-Quarter Estimates
Amazon.com (AMZN) said its preliminary results for the first quarter indicate the Internet retailer will handily beat Wall Street's financial projections.
The company said Monday that it expects to report a loss of about $50 million, or 22 cents a share, in the first quarter, excluding items. Twenty-five analysts polled by Thomson Financial/First Call expect the company to lose 30 cents in the quarter. The company posted a loss of $99 million, or 35 cents a share, in the year-ago period.
Amazon projected sales north of $695 million, up from $574 million in the year-ago period. Analysts are looking for a top line of around $669 million.The beaten-down shares of Amazon.com were up $2.79, or 33.4%, to $11.15 in recent Nasdaq trading. The company expects to report its first-quarter results on April 24.
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