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3/4/2003
02:07 PM
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Amazon Predicts A $4.7B Year

Losses were tenfold compared with revenue, but the Web retailer still racked up sales of $1 billion without the help of a holiday buying period.

Amazon.com Inc. ended its first quarter outside the holiday season with more than $1 billion in sales.

The Web retailer lost $10 million on $1.1 billion in sales for the quarter ended March 31. The company made $39 million on an operating basis, but interest on its $2.3 billion in debt and some noncash expenses swallowed those gains.

Amazon predicts its strategy of cutting costs so it can lower prices will let it keep the $1 billion-plus sales pace in the second quarter and reach at least $4.7 billion for the year, which would be 19% growth over last year.

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