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Article: Internet retailer Amazon's profits sink 44 percent; company cites legal settlement
- Article from:
- AP Worldstream
- Article date:
- October 25, 2005
- Author:
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ELIZABETH M. GILLESPIE, AP Business Writer
AP Worldstream
10-25-2005
Dateline: SEATTLE
Internet retailer Amazon.com Inc. said Tuesday that third-quarter profit fell 44 percent, in large part because of the settlement of a patent-infringement lawsuit.
In a report released after the markets closed, the Seattle-based company said its net earnings were $30 million (euro25 million), or 7 cents a share, for the three months ended Sept. 30, down from $54 million, or 13 cents a share, a year earlier.
The slump in profits came despite a hefty rise in revenue. The company said net sales increased to $1.86 billion in the third quarter, up 27 percent from $1.46 billion last year.
Excluding an ...