By Aled Herbert, 24 October 2001 07:45
NEWS Amazon.com reported narrowed losses for its third quarter as it continues its quest for profitability. The e-tail giant met analysts' expectations for Q3 as it cut losses by 30 per cent and reported a net loss of $170m, or 46 cents per share. In the same period last year, Amazon reported a loss of $241m, or 68 cents a share. Revenues were slightly up on Q3 2000 at $639m, compared to $638m. The narrowed losses were largely thanks to cost-cutting measures, with losses for the three-month period falling to $58m, compared to $89m last year. For the three months to September, Amazon's losses were $58m, compared to $89 million in the same period last year. The company predicted sales for Q4 would be flat or rise by a maximum of 10 per cent. Amazon CEO Jeff Bezos said the company was on track to achieve pro forma profitability for Q4, but said much depended on consumer behaviour in the aftermath of the 11 September terror attacks. Amazon has failed to report a profit in its six years in existence.
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