Amazon.com Inc. said Thursday that its fourth-quarter profit rose 9 percent and easily surpassed analysts' forecasts. Those results, plus an optimistic forecast, sent its shares soaring 13 percent in extended trading.
Amazon had called the holiday season its “best ever,” and the earnings report backed up the idea that the online retailer is not being seriously hurt by cutbacks in consumer spending. Amazon said its revenue in the current quarter should be between $4.53 billion and $4.93 billion, while analysts are expecting $4.57 billion.
Shares of the Seattle-based company shot up $6.39, or 12.8 percent, to $56.39 in after-hours trading.
Amazon said its profit in the fourth quarter was $225 million, or 52 cents per share. Analysts, on average, had been expecting 39 cents per share, according to Thomson Reuters. Associated Press
As many as 24,000 refinery workers could walk off the job from the Gulf Coast to Montana with a labor contract expiring at midnight Saturday, potentially disrupting the production of gasoline, diesel and chemicals.
A strike by unionized oil workers could affect about 60 producers including Exxon Mobil, Valero, Royal Dutch Shell, BP PLC and Chevron, according to the United Steelworkers union, which represents them.
The impasse comes at a time when demand for gasoline, chemicals and other products made by refineries has evaporated, which could cost the union leverage.
Between November 2007 and October, Americans drove 100 billion fewer miles, the largest continuous decline in driving the nation has ever experienced. Refineries began shutting down for maintenance early this year as the market continues to tighten. Associated Press