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Earnings Roundup

Settlement cuts Amazon earnings

July 24, 2009|David Sarno

Amazon.com Inc. sales rose 15% but earnings fell 10% in the second quarter as the Seattle-based online retailer made a $51-million payment to settle a long-standing dispute with former partner Toys R Us.

Amazon.com shares, which closed at $93.87, up $5.08, fell nearly 8% in extended trading after the results were released.

The company said it earned $142 million, or 32 cents a share, down from $158 million, or 37 cents, a year earlier.

Although revenue climbed nearly 15% to $4.65 billion, it was slightly below analyst estimates of $4.69 billion.

Sales of items such as books, CDs and DVDs inched up 1% to $2.44 billion, while electronics and other general merchandise sales soared 35% to $2.07 billion.

Amazon.com said Wednesday that it would buy privately held online shoe store Zappos.com Inc. in a deal worth about $850 million.

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david.sarno@latimes.com

Times wire services were used in compiling this report.

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