With Or Without Harry, Amazon Stock Soars
So Harry Potter was the cause of Amazon’s tripling profit? What will they do when there are no more books coming out? They’ll be just fine, because that’s not what happened, the New York Times just sort of made it sound that way.
Chalk this one up to over-SEOing a news article. I’ll assume, anyway. Headline: "Aided by Harry Potter Fans, Amazon Triples Its Profits." Lead: "Some of Harry Potter’s magic has rubbed off on Amazon.com."
But the second quarter ended June 30, and the Deathly Hallows were not bestowed upon the world until last week, even if Amazon did sell over 2 million copies, which will be noted next quarter.
In short, Potter had little to do with Amazon’s second quarter results, unless devotees were catching up with the other six books, or the movies, or even the merchandise. And they most likely were.
Whether or not J.K. Rowling significantly contributed to Amazon’s 2Q earnings, it was a magical period for the online retailer, enough to send shares dot-com-boom levels.
The company beat Wall Street expectations, pulling in $2.89 billion, $90 million more than estimates, beating even its own forecasts by $40 million.
Currently, Amazon shares are up over 17 percent to around $86.76.