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News Summary: Amazon posts lower 4Q net income
Tuesday - 1/29/2013, 6:21pm EST
(AP) - PROFIT DOWN: Amazon's fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with more spending on order fulfillment, digital content and other investments.
MISSED EXPECTATIONS: The company earned 21 cents per share, while revenue grew 22 percent to $21.27 billion from $17.43 billion. Analysts expected earnings of 28 cents per share on revenue of $22.26 billion.
STOCK SOARS: Profit margins improved, and Seattle-based Amazon's shares rose $24, or 9.2 percent, to $284.35 in after-hours trading. The stock closed down $15.69, or 5.7 percent, at $260.35.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)