Amazon VS. Ebay

  • 2,279 views
Uploaded on

Financial comparison between two industry giants EBay and Amazon. My teammates and I computed the financial ratios for both companies and based on our results we analyzed the performance of the latter …

Financial comparison between two industry giants EBay and Amazon. My teammates and I computed the financial ratios for both companies and based on our results we analyzed the performance of the latter two.

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
2,279
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
91
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. VS. Finance 210 Group Case Analysis Dr. Samer Saade April 16, 2013 Done By: Laian Hammoud Leen Kurbah Anas Rihawi Mona Zahran
  • 2. Introduction: Amazon is an American multinational electronic commerce company. It started as an online bookstore, however after some time it grew much larger to an extent where it diverged and started selling all sort of things. Amazon now sells electronics, software, furniture, jewelry, toys, as well as food. It is the largest online retailer in the world, which is why we chose to assess Amazon’s financial position. It was founded in 1994, by Jeff Bezos who is current the Chairman, President, and CEO. Moreover, its shares are traded on NASDAQ under the ticker AMZN. EBay, which is Amazon’s top competitor, is also an American multinational electronic commerce company. The feature which makes eBay unique is the “online auction” which it does every once and a while, which caused people to buy things on the spot rather than taking the time to think about the deal. It was founded in 1995, by Pierre Omidyar who is the current chairman. Its shares are also traded on NASDAQ just like Amazon under the ticker eBay. Two of its popular slogans include: "Buy it New, Buy it Now"
  • 3. "When it's on your mind, it's on eBay Vs. Short Term Solvency Ratios: AmazonEBAY Ratio Current Ratio Quick Ratio Cash Ratio NWC to Total Assets Formula CA/CL (CA-Inventory)/CL Cash/CL NWC/TA 2010 1.325 1.01 0.84 0.179 2011 1.174 0.83 0.64 0.10 2011 1.8 1.8 0.88 0.4 Amazon had its liabilities covered 1.325 times in 2010. Since the ratio is greater than 1.2, Amazon was quiet liquid in 2010. Comparing the 2010 figures to that of 2011, the current ratio dropped to 1.17 indicating that Amazon covered its liabilities 1.17 times in 2011. On the other hand, EBay’s current ratio in 2011 is 1.8 indicating that EBay is more liquid than Amazon in the same year. EBay’s liabilities are covered 1.8 times over. Note that we cannot compare the quick ratio of Amazon to that of EBay considering the fact that the financial statements of eBay report 0 Inventory. Comparing the quick ratio of Amazon in 2010 to that of 2011, we notice a decrease in the quick ratio and an increase in inventory. Having a look at the financial statements, Amazon’s inventory increased by approximately 4,000. The cash ratio significantly indicates that Amazon has more cash and cash equivalents on hand to pay of its current debt in 2010 than in 2011. EBay on the other hand has more cash and cash equivalents on hand to pay of its current liabilities than Amazon. EBay is managing its cash on hand in a good way in comparison to Amazon.
  • 4. The net working capital to total assets reveals a similar story. Amazon’s ratio in 2010 was quiet low indicating low levels of liquidity (0.179) and this value drop to even a lower level in 2011 (0.1). In comparison to EBay, EBay seems to report a higher ratio in comparison to Amazon but at the same time the ratio is quiet low. Vs. Profitability Ratios: AmazonEBAY Ratio ROA ROE Profit Margin Formula NI/TA NI/TE NI/Sales 2010 0.06 0.167 3.36% 2011 0.024 0.0813 1.312% 2011 0.11 0.18 27% It is clear that Amazon has suffered a bit during the year of 2011. Its Profit margin declined from 3.36% to 1.31%. The data shows a decline in the net income rather than a decline in sales. This is the reason behind the decrease in Amazon’s profit margin. Whereas for EBay, its profit margin indicates that for every dollar in sales generates about 27 cents in profit. This indicates that when it comes to generating profit EBay is more successful than Amazon. A high profit margin is desirable. The second ratio is the Return on Assets ratio, which is a measure of profit per dollar of assets. Comparing the ratios, it is obvious that there is a decline in the return on assets. In 2010, Amazon reported a 6% return on asset indicating that 1$ in assets generates 6 cents in profit which is relatively high compared to that of 2011 where 1 $ of Amazon’s assets generated about 2.4 cents. Amazon seems to have had some sort of backlash during the year of 2011. EBay on the other hand, was successful in maintaining a high return on asset where it reported a return on asset of 0.11 during the year of 2011 indicating that 1$ of assets generates a little more than 10 cents in profit. Same story for the ROE! The ROE is a measure of the profit per 1 $ of equity. EBay reported a higher ROE than Amazon in both years, and Amazon reported a lower ROE in year 2011 compared to year 2010. The data shows that Amazon’s
  • 5. total shareholder’s equity increased from year 2010 to 2011, this is probably the reason why the ROE is lower in year 2011 than that of year 2010. Vs. Market Value Measures: AmazonEBAY Number of Outstanding Shares Close Price EPS=NI/NOS PE ratio=Price per share/EPS Market to book Value=MV per share/BV per share 2010 451 2011 455 2011 1,286,487 180 2.554 70.4 173.10 1.386 124.89 30.33 0.00251 12,083 11.82 10.15 2,176.2 Price Earnings Ratio is a good measure of how investors are willing to pay per dollar of current earnings. Amazon’s PE ratio increased during the two years.The Market-to book value ratio compares the market value of the firm’s investment to their cost. A market to book value ratio less than 1 indicates that the firm did not succeed in creating value for its stockholders which is a corporation’s main goal. Amazon and EBay both succeeded in creating a value for their shareholders by maintaining a market to book value ratio greater than 1. Comparing the two companies when it comes to market value may be a bit hard, considering the fact that the two are significantly different when it comes to the price and the number of outstanding shares.
  • 6. Vs. Long-term solvency ratios: Ratio Formula Total-debt ratio TD/TA Debt-equity ratio TD/TE Equity Multiplier TA/TE Long-Term Debt LTD/(LTD+TE) Ratio Times Interest EBIT/Interest earned ratio Cash Coverage (EBIT+Depreciation)/Interest 2010 0.634 1.738 2.73 0.085 2011 0.69 2.258 3.25 0.15 2011 0.34 0.52 1.52 0.078 39.5 15.18 157.2144 56.4 45.2 194.7674 Total debt ratio is a ratio that explains how much total liabilities are within a company as a ratio of total assets. It defines how much a company owes its creditors. The total debt ratio for Amazon increases from 0.634 in 2010 to 0.69 in 2011. This can be interpreted as, in 2010 for every 1$ in assets, Amazon uses approximately 63 cents debt whereas in 2011 Amazon uses approximately 69 cents of debt for every 1$ in assets. This increase is approximately an 8% increase in the use of debt from 2010 to 2011. The total debt ratio for EBay is 0.34 in 2011. This may be interpreted as, for every 1$ in total assets, eBay uses 34 cents in debt. This is sufficiently less than that of its competitor Amazon by 0.35 less. The Debt to equity ratio is another debt management ratio. Amazon’s debt to equity ratio increased from 1.738 in 2010 to 2.258 in 2011. In 2010, every 1$ of equity Amazon used 1.738 $ of debt similarly in 2011, Amazon used 2.258$ of debt for every 1$ of equity. Since in both years the ratio is greater than 1, this
  • 7. indicated that financing by debt is greater than financing by equity, and the increase in the ratio is due to an increase in in debt from 11,933 to 17,521 which is a significant increase. EBay on the other hand succeeded in maintaining a debt to equity ratio less than 1 indicating that financing by equity is much greater than financing by debt. (0.52) The Long term debt ratio reveals as well an increase for Amazon from 0.085(2010) to 0.15(2011) .The important significance of the LTD ratio is when compared to the total debt ratio one can indicate whether the company relies on long term debt or short term debt. In 2011, Amazon relies more on long-term debt compared to 2011. EBay, on the other hand seems to rely less on long term debt and probably more on short term debt since it reports a low LTD ratio(0.078) Having a look at the financial statements EBay has 1,525.047 only in Long term debt which is relatively way less than the sum of the current(short-term liabilities) of EBay. The Time Interest Earned and the Cash Coverage ratio are similar. The TIE is one ratio that is used to persuade creditors to have more access to loans (more borrowing). It indicates the capacity to borrow and pay interest. Amazon’s TIE ratio decreased from 2010 to 2011 to almost half, indicating some trouble in covering the interest bill. On the other hand, EBay’s TIE ratio is significantly larger than Amazon’s which indicates that EBay might be able to persuade creditors to borrow more than Amazon. The Cash Coverage ratio is an indication of the firm’s ability to generate cash flows from operations, EBay in 2011 excels in generating cash from operations reporting a significantly high Cash coverage ratio in comparison to that of Amazon in both years, and as the rest of the data and ratios indicate the cash coverage of amazon declined from 2010 to 2011.
  • 8. Vs. Asset Management Ratios: Ratio Inventory Turnover Days’ Sales in Inventory Receivables’ Turnover Days’ Sales in Receivables NWC Turnover Fixed Assets Turnover Total Asset Turnover Formula COGS/SALES 365/Inventory Turnover Sales/AR 365/Receivables’ Turnover Sales/NWC Sales/NFA Sales/TA 2010 8.12 times 45 days 25.83 2011 7.269 times 49 days 22.5 2011 No Inventory 14 days 10.1 times 14.16 times 1.81 times 16 days 18.534 times 10.884 times 1.89 times 194 days No Inventory 1.88 1.96 times 5.8 times 0.42 times Note that we cannot compare Amazon and EBay when it comes to Inventory Turnover and Days’ Sale in Inventory because the data indicates a zero level of inventory. There’s a small increase in the inventory turnover of Amazon from 2010(8.12 times) to 7.269 times in 2011. This indicates that in 2010 Amazon Inc. turned its inventory approximately 8.24 times whereas in 2011 Amazon sold off its entire inventory 7.296 times. A high inventory turnover ratio indicates that we are managing our inventory more efficiently. The Days’ Sales of inventory indicates an increase from 45 days to 49 days, instead of sitting 45 days before its sold, inventory now sits a little less than 50 days before it is sold.
  • 9. Receivable turnover is another asset management ratio. Amazon’s receivable turnover decreased from 2010(25.83) indicating that Amazon collected and reloaned money 25.83 timesto 22.5 in 2011 where Amazon was able to collect and reloan money about 22.5 . However, EBay’s receivable turnover is quite low (1.88). A low receivable turnover indicates weakness of a company unless the company intentionally extends credit to its customers for a longer period of time perhaps to gain some sort of competitive advantage. The reason probably EBay reports a low Receivable is due to the low level of sales in comparison to the Amazon. The Day’s Sale of Receivable indicates that Amazon collects on its credit sales in 14 days which increased to 19 days in 2011. As for EBay the average collection period is 194 days which indicates that EBay collects on its credit sales in 194 days. It is quite high; a low days’ sales receivable is desirable. A high day’ sales of receivables indicate doubtful accounts or lenient collection of accounts receivables. We turn to the total asset turnover. Amazon’s total asset turnover increased from 1.81 (2010) to 1.89(2011). In 2010, every 1$in asset was able to generate1.81$ in sales, a slight increase in the total asset turnover ratio, in 2011 every 1$in asset generated. Taking a look at the financial statements we notice that the sales increased by almost 13,873 $. EBay on the other hand is able to generate in 2011 approximately 0.42 $ (42 cents) in 1$ of assets. We notice that the sales of Amazon are approximately equal to 4 times the sales of EBay. Amazon is successful in generating sales more than EBay.
  • 10. Recommendations: Short term solvency: As seen above, the current ratio fell from 1.32to 1.17. As the current ratio fell to a value below 1.2, Amazon may consider managing its current liabilities. It may do so by limiting dependence on account payables and other short term debt. Furthermore, the quick ratio mirror imaged the current ratio and declined from 1 to 0.8. This suggests that Amazon’s dependence on inventory may be limited by using other forms of production processes (just in time production or cross docking). By managing the inventory levels, other aspects of the company will also be ameliorated such as the inventory turnover and the day’s sales in inventory. Profitability: Amazon’s profit margin decreased from 3.2% to 1.3% from year 2010 to 2010 indicating that the Net income (profit) decreased from year 2010 to year 2011. It should consider managing its expenses such as cost of goods sold (increase in Cogs), interest expense, and sundry expenses. Long term solvency ratio: The total Debt ratio shows that Amazon relies on debt considering that the total debt ratio increased in 2011. When comparing the Total debt ratio to the long term debt ratio, we conclude that Amazon relies on short term debt which is relatively more expensive than relying on long term debt where short term debt bears an interest that might reach 30% of the debt’s face value.
  • 11. Appendix A Amazon: Formula 1.Profitabili ty Measures: Return on NI/TA Assets Return on NI/TE Equity Profit NI/SALES Margin 2.Asset Manageme nt Ratio: Inventory Turnover Days’ Sales in Inventory Receivables ’ Turnover Days’ Sales in Receivables NWC Turnover Fixed Assets Turnover Total Asset Turnover 3.Shortterm COGS/Inventory 365/Inventory Turnover Sales/AR 365/Receivables’ Turnover Sales/NWC Sales/NFA Sales/TA 2010 2011 (1,152/18,797)*100 =6.13% (1,152/6,864)*100 =16.78% (1,152/34,204)*100 =3.36% (631/25,278)*100 =2.49% (631/7,757)*100 =8.13% (631/48,077)*100 =1.31% 26,009/3,202 =8.12 times 365/8.12 =50 days 36,288/4,922 =7.27 times 365/7.27 =50 days 34204/1,324 =25.83 times 365/25.83 =14 days 48,077/2,134 =22.53 times 365/22.53 =16 days 34,204/(13,747-10,372) =10.13 times 34,204/2,414 =14.16 times 48,077/(17.490-14,896) =18.53 times 48,077/4,417 =10.88 times 34,204/18,797 =1.81 times 48,077/25,278 =1.89 times
  • 12. solvency ratios: Current Ratio Quick Ratio CA/CL Cash Ratio Cash/CL NWC to Total Assets Interval Measure NWC/TA 4.Longterm Solvency ratios: Total-debt ratio Debt-equity ratio Equity Multiplier Long-Term Debt Ratio Times Interest earned ratio Cash Coverage 5.Market Value Ratios: Number of outstandin g shares Close Price Price Sales Ratio 13.747/10,372 =1.33 (13,747-3,202)/10,372 =1.01 8,762/10,372 =0.84 3,375/18,797 =0.18 17,490/14,896 =1.17 (17,490-4,992)/14,896 =0.83 9,576/14,896 =0.64 2,594/25,278 =0.10 CA/Average daily operating expenses 13,747/{(1,152+657+39)/ 365} =193 days 17,490/{(631+65+1,149)/ 365} =3463.37 days TD/TA 11,933/18,797 =0.63 11,933/6,864 =1.74 18,797/6,864 =2.73 641/(641+6,864) =0.085 17,521/25,278 =0.69 17,521/7,757 =2.26 25,278/7,757 =3.25 (CA-Inventory)/CL TD/TE TA/TE LTD/(LTD+TE) EBIT/Interest (1,504+39)/39 =39.56 (EBIT+Depreciation)/Inte (1,504+39+657)/39 rest =56.49 1,415/(1,415+7,757) =0.15 (922+65)/65 =15.18 (922+65+1,149)/65 45.2 451 Price per share/sales per share 455 180 180/(34,204/451) =2.37 173.10 173.10/(48,077/455) =1.64
  • 13. PE Ratio Market to book value Price per share/earnings per share MV per share/BV per share 180/(1,152/451) =70.5 180/(6,864/451) =11.8 173.10/(631/455) =124.82 173.10/(7,757/455) =10.15 EBay: 1.Profitability Measures: Return on Assets Return on Equity Profit Margin 2.Asset Management Ratios: Inventory Turnover Days’ Sales in Inventory Receivables’ Turnover Days’ Sales in Receivables NWC Turnover Fixed Assets Turnover Total Asset Turnover Formula 2011 NI/TA 3,229.387/27,320.218 =0.11 3,229.387/17,929.879 =0.18 3,229.387/11,651.654 =0.27 NI/TE NI/SALES COGS/INVENTORY No Inventory 365/Inventory turnover No Inventory Sales/AR 11,651.654/6,195.280 =1.88 365/1.88 =194 days 365/Receivables’ turnover Sales/NWC Sales/NFA Sales/TA 3.Short-term solvency ratios: Current Ratio CA/CL Quick Ratio (CA-Inventory)/CL 11,651.654/5,927.25 =1.96 times 11,651.654/ =5.8 times 11,651.654/27,320.218 =0.42 times 12,661.454/6,734.204 =1.8 (12,661.454-0)/6,734.204 =1.8
  • 14. Cash Ratio Cash/CL NWC to Total Assets Interval Measure NWC/TA Long-term Solvency ratios: Total-debt ratio Debt-equity ratio Equity Multiplier Long-Term Debt Ratio Times Interest earned ratio Cash Coverage CA/Average daily operating expenses TD/TA TD/TE TA/TE LTD/(LTD+TE) EBIT/INTEREST Market to book value 9,390.339/27,320.218 =0.34 9,390.339/17,929.879 =0.52 27,320.218/17,929.879 = 1.52 1,525.047/(1,525.047+17,929.879) =0.078 (3,910.046+25.03)/25.03 =157.21 (EBIT+Depreciation)/Interest (3,910.046+25.03+939.953)/25.03 =194.77 Market Value Ratios: Number of outstanding shares Close Price Price Sales Ratio PE Ratio 5,929.402/6,734.204 =0.88 5,927.25/27,320.218 =0.4 12,661.454/{(3,229.387+25.03+939.953)/365} =1101.82 days 1,286,487 30.33 Price per share/sales per share Price per share/earnings per share MV per share/BV per share 30.33/(11,651.654/1,286,487) =3.35 30.33/(3,229.387/1,286,487) =12.09 30.33/(17,929.879/1,286,487) =2.18
  • 15. Appendix B Name: EBay Inc. STATEMENT OF FINANCIAL POSITION Fiscal Year: (FYR Ending): 2011 2012 (31DEC2011 ) ( N/A ) ASSETS Cash & Equivalents 5,929.402 Receivables - Total (Net) 6,195.280 Inventories - Total .000 Prepaid Expenses 169.491 Current Assets - Other 367.281 Current Assets - Total 12,661.454 Plant, Property & Equip (Gross) 4,876.782 Accumulated Depreciation 2,890.566 Plant, Property & Equip (Net) 1,986.216 Investments at Equity Investments and Advances - Other 2,451.421 Intangibles 9,771.369 Deferred Charges Assets - Other TOTAL ASSETS 449.758 27,320.218 LIABILITIES Accounts Payable 4,250.652 Notes Payable 550.000 Accrued Expenses 977.018 Taxes Payable 297.686
  • 16. Debt (Long-Term) Due In One Year 14.601 Other Current Liabilities 644.247 Total Current Liabilities 6,734.204 Long Term Debt 1,525.047 Deferred Taxes (Balance Sheet) Investment Tax Credit .000 Liabilities - Other 1,131.088 Noncontrolling Interest - Redeemable .000 TOTAL LIABILITIES 9,390.339 SHAREHOLDERS' EQUITY Preferred Stock .000 Common Stock 1.535 Capital Surplus 11,144.832 Retained Earnings (Net Other) 13,938.933 Less: Treasury Stock 7,155.421 Shareholders Equity - Parent 17,929.879 Noncontrolling Interest - Nonredeemable TOTAL SHAREHOLDERS EQUITY 17,929.879 TOTAL LIABILITIES AND EQUITY 27,320.218 INCOME STATEMENT Fiscal Year: (FYR Ending): Sales (Net) Cost of Goods Sold Gross Profit 2011 2012 (31DEC2011 ) ( N/A ) 11,651.654 2,787.605 8,864.049 Selling, General, & Admin Expenses 5,493.026 Operating Income Before Depreciation 3,371.023 Depreciation, Depletion, &Amortiz 939.953 Operating Income After Depreciation 2,431.070 Interest Expense 25.030 Non-Operating Income/Expense 74.927 Special Items Pretax Income 1,429.079 3,910.046
  • 17. Income Taxes - Total 680.659 Minority Interest Income Before EI&DO 3,229.387 Extraordinary Items .000 Discontinued Operations .000 Net Income (Loss) 3,229.387 Income Before EI&DO 3,229.387 Preferred Dividends .000 Available for Common Before EI&DO Common Stock Equivalents - Savings Adjusted Available for Common 3,229.387 .000 3,229.387 EARNINGS PER SHARE EPS - Primary, Excluding EI&DO 2.500 EPS - Primary, Including EI&DO 2.500 EPS - Fully Diluted, Excluding EI&DO 2.460 EPS - Fully Diluted, Including EI&DO 2.460 COMMON SHARES Common Shares for Primary EPS Calculation 1,292.775 Common Shares for Fully Diluted EPS Calc. 1,312.950 Common Shares Outstanding at Fiscal Yr End 1,286.487
  • 18. Name: Amazon Inc. STATEMENT OF FINANCIAL POSITION Fiscal Year: (FYR Ending): 2010 2011 (31DEC2010 ) (31DEC2011 ) ASSETS Cash & Equivalents 8,762.000 9,576.000 Receivables - Total (Net) 1,324.000 2,134.000 Inventories - Total 3,202.000 4,992.000 .000 .000 459.000 788.000 13,747.000 17,490.000 3,256.000 5,786.000 Accumulated Depreciation 842.000 1,369.000 Plant, Property & Equip (Net) 2,414.000 4,417.000 279.000 266.000 .000 .000 1,912.000 2,602.000 .000 .000 445.000 503.000 18,797.000 25,278.000 8,051.000 11,145.000 .000 .000 Prepaid Expenses Current Assets - Other Current Assets - Total Plant, Property & Equip (Gross) Investments at Equity Investments and Advances - Other Intangibles Deferred Charges Assets - Other TOTAL ASSETS LIABILITIES Accounts Payable Notes Payable Accrued Expenses Taxes Payable Debt (Long-Term) Due In One Year Other Current Liabilities Total Current Liabilities Long Term Debt Deferred Taxes (Balance Sheet) .000 .000 224.000 524.000 2,097.000 3,227.000 10,372.000 14,896.000 641.000 1,415.000
  • 19. Investment Tax Credit .000 .000 920.000 1,210.000 .000 .000 11,933.000 17,521.000 .000 .000 Liabilities - Other Noncontrolling Interest - Redeemable TOTAL LIABILITIES SHAREHOLDERS' EQUITY Preferred Stock Common Stock 5.000 5.000 Capital Surplus 6,325.000 6,990.000 Retained Earnings (Net Other) 1,134.000 1,639.000 Less: Treasury Stock 600.000 877.000 6,864.000 7,757.000 .000 .000 TOTAL SHAREHOLDERS EQUITY 6,864.000 7,757.000 TOTAL LIABILITIES AND EQUITY 18,797.000 25,278.000 Shareholders Equity - Parent Noncontrolling Interest - Nonredeemable INCOME STATEMENT Fiscal Year: (FYR Ending): Sales (Net) Cost of Goods Sold Gross Profit 2010 2011 (31DEC2010 ) (31DEC2011 ) 34,204.000 48,077.000 26,009.000 36,288.000 8,195.000 11,789.000 Selling, General, & Admin Expenses 6,131.000 9,773.000 Operating Income Before Depreciation 2,064.000 2,016.000 Depreciation, Depletion, &Amortiz 657.000 1,149.000 Operating Income After Depreciation 1,407.000 867.000 Interest Expense Non-Operating Income/Expense Special Items Pretax Income Income Taxes - Total Minority Interest Income Before EI&DO 39.000 65.000 136.000 120.000 .000 .000 1,504.000 922.000 352.000 291.000 .000 .000 1,152.000 631.000 Extraordinary Items .000 .000 Discontinued Operations .000 .000 1,152.000 631.000 Net Income (Loss)
  • 20. Income Before EI&DO 1,152.000 631.000 Preferred Dividends .000 .000 1,152.000 631.000 .000 .000 1,152.000 631.000 EPS - Primary, Excluding EI&DO 2.580 1.390 EPS - Primary, Including EI&DO 2.580 1.390 EPS - Fully Diluted, Excluding EI&DO 2.530 1.370 EPS - Fully Diluted, Including EI&DO 2.530 1.370 Common Shares for Primary EPS Calculation 447.000 453.000 Common Shares for Fully Diluted EPS Calc. 456.000 461.000 Common Shares Outstanding at Fiscal Yr End 451.000 455.000 Available for Common Before EI&DO Common Stock Equivalents - Savings Adjusted Available for Common EARNINGS PER SHARE COMMON SHARES
  • 21. References: "Amazon.com." Wikipedia. Wikimedia Foundation, 13 Apr. 2013. Web. 15 Apr. 2013. Datamonitor. (2010&2011).Amazon Inc.: Company profile.Feb.20, 2013, from Business Source Complete database Datamonitor. (2011).EBay Inc.: Company profile.Feb.20, 2013, from Business Source Complete database "EBay." Wikipedia. Wikimedia Foundation, 14 Apr. 2013. Web. 15 Apr. 2013. Standard & Poor’s (2010&2011).Amazon Inc...Feb.20, 2013, from Compustat database. Standard & Poor’s (2011).EBay Inc.: Complete Financial Statements 2011.Feb. 20, 2012, from Compustat database