02-03-2006, 10:52 AM
Quote:Amazon.com said Thursday that net profit dropped in its crucial holiday quarter as shipping and technology costs rose and revenue fell shy of Wall Street expectations, sending shares down more than 8 percent.
The Internet retailer joined a string of major Web companies to disappoint Wall Street with quarterly results or outlooks, including Google, Yahoo, and eBay.
Amazon said fourth-quarter net income was $199 million, or 47 cents per share, compared with $346.7 million, or 82 cents per share, in the year-ago period. Sales rose 17 percent to $2.98 billion from $2.54 billion a year earlier, missing analysts' targets of $3.08 billion
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