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Article: AMAZON LOWERS SALES PROJECTIONS SHARES ARE OFF 7.5%, BUT OTHER NEWS IS GOOD, INCLUDING NARROWED LOSS, MONEY FROM AOL.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- July 24, 2001
- Author:
CopyrightCOPYRIGHT 2001 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARNI LEFFP-I reporter
It should have been a good day for Amazon.com.
The company reported that its losses shrank dramatically during the second quarter, falling 47 percent compared with last year.
Amazon executives said their company is on track to make money in the fourth quarter - at least on paper - and announced that AOL Time Warner bought $100 million worth of Amazon stock.
"I see the AOL purchase as a vote of confidence," Amazon founder and Chief Executive Jeff Bezos said in an interview on Bloomberg Television.
But the company also told investors that it is not going to sell as many books, compact discs, ...