E-commerce, Quarterly Earnings | featured news

Amazon.com Inc shares hit a record on Tuesday after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.

The company reported net income of $7 million, or 1 cent a share, on sales of $12.8 billion. It was less profit than analysts had estimated, but the revenue was in line with forecasts.

Amazon.com Inc's quarterly earnings beat Wall Street's most bullish expectations as the world's largest Internet retailer brought costs under control and saw early success selling more digital products through its new Kindle Fire tablet, sending its shares up almost 15 percent.

EBay's first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and brisk sales at its e-commerce websites. The results beat Wall Street's expectations and investors sent the company's stock higher in after-hours trading.

Amazon.com Inc reported that first-quarter sales rose 38.2 percent, above analysts' forecasts.

Amazon.com posted quarterly revenue that fell short of analysts' estimates on Thursday and its shares fell almost 10 percent.