Thursday, July 27, 2000 | 10:57 a.m.
THE ASSOCIATED PRESS
SEATTLE -- Shares of Amazon.com fell nearly 13 percent this morning following a mixed second-quarter earnings report.
Amazon.com beat Wall Street projections by 2 cents Wednesday, losing less money than expected and posting an 84 percent increase over last year in sales for the quarter. However, the Internet retailer did report a 32 percent increase in losses and missed Wall Street's sales estimates.
Several analysts subsequently downgraded the stock, including Robertson Stephens and Merrill Lynch.
For the period ending June 30, Amazon.com posted a pro forma net loss of $115.7 million, or 33 cents per share, on sales of $578 million. A year ago, the company reported losses of $82.8 million, or 26 cents per share, on sales of $314 million.
Wall Street analysts surveyed by First Call/Thomson Financial had projected losses of 35 cents per share. However, Wall Street had hoped for sales of $585 million.
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