Source AP ©

Amazon.com Inc gets quadrupled 3rd-quarter profit

Third-quarter profit of Web retailer Amazon.com Inc. more than quadrupled as shoppers around the world bought more books, music, electronics and other goods than they did in the same period a year ago.

After pushing shares over $100 in regular trading, investors sold heavily after the closing bell.

Earnings for the quarter ended Sept. 30 skyrocketed to $80 million (56.12 million EUR), or 19 cents per share, from $19 million (13.33 million EUR), or 5 cents per share, during the same period last year.

The results beat the expectations of analysts polled by Thomson Financial, who on average forecast a profit of 18 cents per share.

Revenue climbed 41 percent to $3.26 billion (2.29 billion EUR) from $2.31 billion (1.62 billion EUR) in the year-ago quarter. Analysts predicted $3.14 billion (2.2 billion EUR) in sales.

The company said changes in foreign exchange rates throughout the quarter boosted sales by $75 million (52.62 million EUR). Sales on U.S. and Canada sites rose 42 percent in the quarter compared with a year ago, and international sales improved 40 percent.

The retailer said it sold 2.5 million copies of "Harry Potter and the Deathly Hallows," its biggest new product release, but the company has said it would not make a profit on the title because it offered steep discounts and free shipping on it.

For the crucial holiday shopping quarter, Amazon said it expects sales between $5.1 billion (3.58 billion EUR) and $5.45 billion (3.82 billion EUR).

The company increased its revenue forecast for the fiscal year between $14.26 billion (10 billion EUR) and $14.61 billion (10.25 billion EUR), from earlier guidance of $13.80 billion (9.68 billion EUR) to $14.30 billion (10.03 billion EUR).

Shares of Amazon.com fell $5.34 to $95.48 in after-hours electronic trading, after adding $9.53, or 10.4 percent, to close at $100.82 Tuesday.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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