Amazon profit more than doubles, shares soar

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NEW YORK -- Electronic retailer Amazon.com Inc. released solid first-quarter financials Tuesday but failed to provide much in terms of updates on new entertainment products and services.

After the market close, the company reported a 32% increase in first-quarter revenue to $3.02 billion, compared with $2.28 billion in the same quarter a year ago. Excluding the $84 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, revenue grew 29% year-over-year.

Quarterly profit increased 115% to $111 million.

In a conference call, Amazon CFO Thomas Szkutak declined comment when asked about latest metrics for the Amazon Unbox on TiVo, a service that offers subscribers TV and movie downloads. He said the company will continue to add selections to the service but didn't divulge more specifics.

Szkutak and Amazon founder and CEO Jeff Bezos also made no mention on the call of a U.K. newspaper report from Monday that said the e-tailer was about to launch a DRM-free music store.

Music major EMI Group recently unveiled a deal with Apple Inc.'s iTunes store to offer music without digital rights management.
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