Amazon.com reports wider losses

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Amazon.com reported its net losses doubled last week when the Web bookstore released its second-quarter earnings. It had a net loss of $6.7 million in the quarter, compared to the first quarter's net loss of $3 million. Meanwhile sales continued to rise for the book site, with net sales reported at $27.9 million, a 74% increase from $16 million from the first quarter.

Amazon.com also announced that its customer accounts grew to more than 610,000 in the second quarter, up from 340,000 in the first quarter. CEO Jeff Bezos, Amazon.com attributed the rise in sales to increased ad sales and customer accounts, along with an IPO in May, which raised $50 million for the company.

Copyright July 1997, Crain Communications Inc.

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