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Amazon.com Sales Soar to $116M

July 23, 1998

SEATTLE (AP) _ High-flying Internet bookseller Amazon.com reported sharply higher sales for the second quarter Wednesday but also continuing losses.

Amazon.com posted a net loss of $21.2 million or 44 cents per diluted share, compared with a loss of $6.7 million or 16 cents per share in the same quarter a year ago.

Sales soared to $116 million from $27.9 million.

Amazon.com, which bills itself as the Internet’s largest bookstore, said it had more than 3.1 million customer accounts as of June 30, up from 610 accounts on June 30, 1997.

In June, Amazon.com expanded its product line to include music. In April, it bought Bookpages Ltd., Telebook Inc. and Internet Movie Database Ltd., allowing it to expand into the European market.

Amazon.com, whose stock price has tripled since early June, closed at $134 a share, up $1.93 3/4 on the Nasdaq Stock Exchange.

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