Amazon slips back into the red

Amazon.com saw its financial results slide back into the red in its first fiscal quarter after a boost from its online stores...

Amazon.com saw its financial results slide back into the red in its first fiscal quarter after a boost from its online stores overseas failed to offset soft post-holiday sales, the company reported.

The online retailer posted $847m (£585m) in revenue for the three months ended 31 March, a 21% increase over $700m in revenue reported for the same period in 2001, the company said in a statement.

Including restructuring charges and other items, Amazon reported a net loss for the quarter of $23m (£16m), or six cents per share. In the same quarter last year it posted a net loss including charges of $234m, or 66 cents per share.

Excluding charges, Amazon reported a net loss for the quarter just ended of $5m, or 1 cent per share, the company said.

Amazon posted its first-ever net profit in January when it released results for its fourth fiscal quarter of 2001.

The company said it plans to return to profitability this year, forecasting a 15% to 22% increase in revenue for the second quarter and pro forma operating income of between $5m (£3.5m) and $15m (£10.5m), according to the statement.

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