Amazon.com posts net loss of $US6.7 million
- 11 July, 1997 22:00
The critics will say, "I told you so - you can't make money on the Internet," but the founder of online book seller Amazon.Com Inc. insists he is undaunted by the company's US$6.7 million second-quarter loss.
"I am very pleased with the quarter because we have just raised $50 million in an IPO in May," says Jeff Bezos, CEO of Amazon.Com, which is often cited as one of the few examples of a successful business on the Internet. "The money we are spending, we are investing in our future."
Despite the loss of 28 cents per share on net sales of $28 million for the quarter that ended June 30, net sales were up 1,168 percent over last year. For the same quarter a year ago, the firm lost $767,000, or 3 cents per share, on net sales of $2.23 million.
Not only is Bezos not disappointed, he's even encouraged enough to consider expanding the firm.
"The most likely areas of expansion would be in to the music and video sales on the Internet," Bezos said.
Amazon.Com Inc. is based in Seattle, Washington, and can be contacted on the World Wide Web at http://www.amazon.com/.