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July 11, 1997updated 05 Sep 2016 1:02pm

AMAZON.COM REPORTS FIRST PUBLIC QUARTER

By CBR Staff Writer

Internet bookseller Amazon.com Inc has reported its first set of results since going public in May. The company turned in a second-quarter net loss of $6.7m, or $0.28 per share, up from $776,000 losses the year on revenue that rose to $27.9m from $2.2m last time. The company raised about $57m for the company as they closed at just over $23 on the day. Yesterday they closed at $30.75, rising 10.e% on the day. The stock has been rising recently after a post-IPO slump because of a trio of deals with Yahoo! Inc, America Online Inc and Excite Inc. Amazon becomes the exclusive bookseller on AOL’s NetFind search engine, and Excite’s channels, and the premier bookseller on Yahoo!. Amazon had 610,00 customer accounts at the end of June, compared to 340,000 three months earlier. The company that calls itself the earth’s biggest bookstore – to which Barnes & Noble Inc took objection and the lawyers are currently sorting it out – made an operating loss in the quarter of $$7.1m, and the interest from its $56.4m cash pile helped bring that down to the net figure. Net losses for the six months were $9.7m, up from $1.1m, on revenues that were up to $43.9m from $3.1m previously.

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