AMAZON.COM on Tuesday reported a 22% increase in sales and a narrower than expected loss for the first quarter, and declared itself on track to reach its profitability goals. The Seattle-based Internet retailer reported a net loss of $234m, or 66 cents a share, for the first quarter, compared with a net loss of $308m, or 90 cents a share, in the same period last year. Excluding one-time items such as stock options, acquisitions and losses on investments, the company posted a pro forma loss of $76m, or 21 cents a share, for the three months ended March 31, compared with a loss of $122m, or 35 cents a share, a year ago. Net sales grew to $700m, up from $574m last year.
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