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SEATTLE - Amazon.com posted its first net profit ever in the fourth quarter, beating its own forecasts and Wall Street's expectations, The Associated Press reports.
For the quarter ended Dec. 31, the world's largest Internet retailer said it earned $5 million compared with a net loss of $545 million in the year-ago period.
The results were helped by lowered prices and cost-saving efforts throughout the company.
Analysts said the results indicate that company founder Jeff Bezos was right when he pushed the company to "get big fast" at the expense of immediate profits in the late 1990s.