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Amazon.com Inc.

Amazon overtakes Wal-Mart as biggest retailer

Amazon overtakes Wal-Mart as biggest retailer

Amazon.com surpassed Wal-Mart Stores Inc. as the world's biggest retailer on Friday after reporting a surprise jump in profit in the second quarter. The e-commerce giant said net income was $92 million, or 19 cents a share, in the three months ended June 30. That's compared with a net loss of $126 million, or 27 cents a share, in the same period a year ago. Analysts were expecting a loss of 15 cents a share, according to FactSet. Revenue also jumped 20% to $23.2 billion. That news pushed Amazon stock up as much 20% on Friday. As of mid-afternoon trading, Amazon was up nearly 11% to $533.33. That boosted the company's market value to about $249 billion, more than...

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