Amazon beats expectations

Amazon.com has reported increased losses, but beat analysts’ expectations with its second-quarter results.

LONDON (Brand Republic) - Amazon.com has reported increased losses, but beat analysts’ expectations with its second-quarter results.

It reported an operating loss of $89m (33 cents a share) compared with $67m (26 cents a share) for the same quarter in 1999. Net sales, however, rose 84% to $578m.

Wall Street analysts had predicted losses of 35 cents a share. Its share price had dropped following news of the departure of Joseph Galli, Amazon’s chief operating officer, on Tuesday. The price was $36.06 at close of trading yesterday, down from $37.62 the day before.