Amazon (AMZN) - Get Amazon.com, Inc. Report was down 8.9% in preopen Instinet trading after the company met second-quarter estimates with a loss of 16 cents a share, narrower than analysts' estimate of 22 cents and better than the year-ago loss of 33 cents. Revenue rose 16% to $668 million, about $10 million short of analysts' estimates but up from $578 million a year ago.
But the online bookseller also
slashed second-half growth expectations to 10% to 20%, from 20% to 30%. The company said third-quarter revenue would amount to $625 million-$675 million, far short of the $732 million Wall Street estimate. Amazon reiterated its goal of breaking even by the fourth quarter of 2001.
agreed to sell $100 million of its stock to
AOL Time Warner
at up to $15.28 a share, which represents a 10% discount to Amazon's Friday close.