Harry eases Amazon's pain
July 22, 2003 at 10:20 PM ET
iharrypotter.net (via Bloomberg)
If you own stock in Amazon, this story might interest you. According to Tim Ghriskey, who manages $100 million in assets at Ghriskey Capital Partners, Amazon.com's second quarter was strong, even though they reported a net loss of $43.3 million.
Amazon.com Inc., the world's No. 1 Internet retailer, said its second-quarter loss narrowed as the company sold more than 1.4 million copies of the latest Harry Potter book. The online merchant boosted its annual revenue forecast, sending its shares higher.
The net loss shrank to $43.3 million, or 11 cents a share, from $93.6 million, or 25 cents, a year earlier, the Seattle- based company said in a statement. Sales jumped 37 percent to $1.1 billion, more than analysts had expected.
Amazon.com began taking orders for Harry Potter and the Order of the Phoenix in January, offering the book for 40 percent off the cover price. Free shipping on certain orders of $25 or more and discounts on other books and electronics helped boost sales, the company said.
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