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October 25, 2006

Earnings report: Amazon and Getty

Posted by Kim Peterson at 10:48 AM

Amazon's share price is up nearly 12 percent this morning, the day after the online retailer reported third-quarter earnings. The company beat analysts' expectations, even though its profit fell by more than a third.

Getty Images reported "disappointing" quarterly earnings, according to Chief Executive Jonathan Klein. Layoffs are in the works, he said, but it doesn't look like the Seattle office will be hit very hard.

Getty's dealing with some very serious, and potentially long-term, customer issues. As more advertising and media moves to the Internet, the company is seeing more demand for cheaper images -- not the high-quality, ready-for-print imagery the company has made its name (and money) on. Getty has moved to meet that demand by acquiring Canadian company iStockphoto, but there are lots of competitors out there as well.

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