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.