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SAN FRANCISCO (AP) - Sales rose strongly, but net income sagged 30 percent at Amazon.com Inc. on tax expenses and a new fee-based membership program that expands the online retailer's foray into free shipping even further.
Amazon, one of the world's largest e-commerce companies, said Tuesday that it earned $78 million in the first quarter, or 18 cents per share, compared with net income of $111 million, or 26 cents per share, in the same period a year ago.
The results include a charge of $56 million for taxes and a $26 million gain from an accounting change. In the first quarter of 2004, Amazon received a tax benefit of $2 million.
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