SEATTLE (AP) -- Web retailer Amazon.com Inc. said Tuesday its first-quarter profit more than doubled, sending shares up more than 12 percent in after-hours trading. The company also raised its revenue outlook for the year.
Earnings for the first three months of the year rose to $111 million, or 26 cents per share, from $51 million, or 12 cents per share, during the same period last year.
Analysts polled by Thomson Financial had forecast a profit of 15 cents per share.
A $12 million reduction in Amazon's tax bite helped nudge results higher, as did a weak dollar against foreign currencies, which added about $5 million to the bottom line, the company's chief financial officer told reporters in a conference call.
Revenue rose 32 percent to $3.02 billion, surpassing Wall Street's expectation of $2.92 billion in sales.
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http://biz.yahoo.com/ap/070424/earns_amazon_com.html?.v=11
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