For the fourth quarter ended Dec. 31, Seattle-based Amazon reported earnings of $346.7 million or 82 cents per share, compared with earnings of $73.1 million or 17 cents per share in the same period a year earlier.
The company benefited from a $244 million one-time tax gain. Without that benefit, it would have earned just 24 cents per share.
The income report after markets closed Wednesday rattled investors, who sent shares of Amazon.com Inc. plunging 15 percent after the end of regular trading. The shares closed the regular session at $41.88 then dropped $6.28 on after-hours volume of 10.2 million shares. The sell-off left Amazon shares near a 52-week low of $33 set on Oct. 22 after the company reported third-quarter results that disappointed investors.
Revenue was $2.54 billion, up 30 percent from $1.95 billion in the same period last year. But the revenue figure included an $85 million benefit from favorable foreign exchange rates. Without that gain, revenue would have risen just 26 percent.
Pro-forma profits, which exclude stock-based compensation, operating expenses and other items, were $394 million or 93 cents per share, up from $125 million or 29 cents per share in the fourth quarter of 2003. But without the tax benefit, the company said it would have had pro forma earnings of 35 cents per share.
