Amazon Vs Ebay

Finance 210

Group Case Analysis

Dr. Samer Saade

Done By:

Laian Hammoud

Leen Kurbah

Anas Rihawi

Mona Zahran

 

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”
“When it’s on your mind, it’s on eBay

Vs.    

Short Term Solvency Ratios:

                                                                     Amazon                 EBAY

Ratio Formula 2010 2011 2011
Current Ratio CA/CL 1.325 1.174 1.8
Quick Ratio (CA-Inventory)/CL 1.01 0.83 1.8
Cash Ratio Cash/CL 0.84 0.64 0.88
NWC to Total Assets NWC/TA 0.179 0.10 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.

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:

                                                                     Amazon                 EBAY

Ratio Formula 2010 2011 2011
ROA NI/TA 0.06 0.024 0.11
ROE NI/TE 0.167 0.0813 0.18
Profit Margin NI/Sales 3.36% 1.312% 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 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:

Amazon                 EBAY

  2010 2011 2011
Number of Outstanding Shares 451 455 1,286,487
Close Price 180 173.10 30.33
EPS=NI/NOS 2.554 1.386 0.00251
PE ratio=Price per share/EPS 70.4 124.89 12,083
Market to book Value=MV per share/BV per share 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.

 

 

 

 

 

 

 

 

Vs.    

Long-term solvency ratios:

Ratio Formula 2010 2011 2011
Total-debt ratio TD/TA 0.634 0.69 0.34
Debt-equity ratio TD/TE 1.738 2.258 0.52
Equity Multiplier TA/TE 2.73 3.25 1.52
Long-Term Debt Ratio LTD/(LTD+TE) 0.085 0.15 0.078
Times Interest earned ratio EBIT/Interest 39.5 15.18 157.2144

 

Cash Coverage (EBIT+Depreciation)/Interest 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 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.

 

 

 

 

 

 

 

 

Vs.    

Asset Management Ratios:

 

Ratio Formula 2010 2011 2011
Inventory Turnover COGS/SALES 8.12 times 7.269 times No Inventory
Days’ Sales in Inventory 365/Inventory Turnover 45 days 49 days No Inventory
Receivables’ Turnover Sales/AR 25.83 22.5 1.88
Days’ Sales in Receivables 365/Receivables’ Turnover 14 days 16 days 194 days

 

NWC Turnover Sales/NWC 10.1 times 18.534 times 1.96 times
Fixed Assets Turnover Sales/NFA 14.16 times 10.884 times 5.8 times
Total Asset Turnover Sales/TA 1.81 times 1.89 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.

 

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 times to 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.

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

Appendix A

Amazon:

  Formula 2010 2011
1.Profitability Measures:
Return on Assets NI/TA (1,152/18,797)*100

=6.13%

(631/25,278)*100

=2.49%

Return on Equity NI/TE (1,152/6,864)*100

=16.78%

(631/7,757)*100

=8.13%

Profit Margin NI/SALES (1,152/34,204)*100

=3.36%

(631/48,077)*100

=1.31%

 
2.Asset Management Ratio:
Inventory Turnover COGS/Inventory 26,009/3,202

=8.12 times

36,288/4,922

=7.27 times

Days’ Sales in Inventory 365/Inventory Turnover 365/8.12

=50 days

365/7.27

=50 days

Receivables’ Turnover Sales/AR 34204/1,324

=25.83 times

48,077/2,134

=22.53 times

Days’ Sales in Receivables 365/Receivables’ Turnover 365/25.83

=14 days

365/22.53

=16 days

NWC Turnover Sales/NWC 34,204/(13,747-10,372)

=10.13 times

48,077/(17.490-14,896)

=18.53 times

Fixed Assets Turnover Sales/NFA 34,204/2,414

=14.16 times

48,077/4,417

=10.88 times

Total Asset Turnover Sales/TA 34,204/18,797

=1.81 times

48,077/25,278

=1.89 times

 
3.Short-term solvency ratios:
Current Ratio CA/CL 13.747/10,372

=1.33

17,490/14,896

=1.17

Quick Ratio (CA-Inventory)/CL (13,747-3,202)/10,372

=1.01

(17,490-4,992)/14,896

=0.83

Cash Ratio Cash/CL 8,762/10,372

=0.84

9,576/14,896

=0.64

NWC to Total Assets NWC/TA 3,375/18,797

=0.18

2,594/25,278

=0.10

Interval Measure CA/Average daily operating expenses 13,747/{(1,152+657+39)/365}

=193 days

17,490/{(631+65+1,149)/365}

=3463.37 days

 
4.Long-term Solvency ratios:
Total-debt ratio TD/TA 11,933/18,797

=0.63

17,521/25,278

=0.69

Debt-equity ratio TD/TE 11,933/6,864

=1.74

17,521/7,757

=2.26

Equity Multiplier TA/TE 18,797/6,864

=2.73

25,278/7,757

=3.25

Long-Term Debt Ratio LTD/(LTD+TE) 641/(641+6,864)

=0.085

1,415/(1,415+7,757)

=0.15

Times Interest earned ratio EBIT/Interest (1,504+39)/39

=39.56

(922+65)/65

=15.18

Cash Coverage (EBIT+Depreciation)/Interest (1,504+39+657)/39

=56.49

(922+65+1,149)/65

45.2

 
5.Market Value Ratios:
Number of outstanding shares 451 455
Close Price 180 173.10
Price Sales Ratio Price per share/sales per share 180/(34,204/451)

=2.37

173.10/(48,077/455)

=1.64

PE Ratio Price per share/earnings per share 180/(1,152/451)

=70.5

173.10/(631/455)

=124.82

Market to book value MV per share/BV per share 180/(6,864/451)

=11.8

173.10/(7,757/455)

=10.15

 

EBay:

1.Profitability Measures: Formula 2011  
Return on Assets NI/TA 3,229.387/27,320.218

=0.11

Return on Equity NI/TE 3,229.387/17,929.879

=0.18

Profit Margin NI/SALES 3,229.387/11,651.654

=0.27

 
2.Asset Management Ratios:
Inventory Turnover COGS/INVENTORY No Inventory
Days’ Sales in Inventory 365/Inventory turnover No Inventory
Receivables’ Turnover Sales/AR 11,651.654/6,195.280

=1.88

Days’ Sales in Receivables 365/Receivables’ turnover 365/1.88

=194 days

 

NWC Turnover Sales/NWC 11,651.654/5,927.25

=1.96 times

Fixed Assets Turnover Sales/NFA 11,651.654/

=5.8 times

Total Asset Turnover Sales/TA 11,651.654/27,320.218

=0.42 times

 
3.Short-term solvency ratios:
Current Ratio CA/CL 12,661.454/6,734.204

=1.8

Quick Ratio (CA-Inventory)/CL (12,661.454-0)/6,734.204

=1.8

Cash Ratio Cash/CL 5,929.402/6,734.204

=0.88

NWC to Total Assets NWC/TA 5,927.25/27,320.218

=0.4

Interval Measure CA/Average daily operating expenses 12,661.454/{(3,229.387+25.03+939.953)/365}

=1101.82 days

 
Long-term Solvency ratios:
Total-debt ratio TD/TA 9,390.339/27,320.218

=0.34

Debt-equity ratio TD/TE 9,390.339/17,929.879

=0.52

Equity Multiplier TA/TE 27,320.218/17,929.879

= 1.52

Long-Term Debt Ratio LTD/(LTD+TE) 1,525.047/(1,525.047+17,929.879)

=0.078

Times Interest earned ratio EBIT/INTEREST (3,910.046+25.03)/25.03

=157.21

 

Cash Coverage (EBIT+Depreciation)/Interest (3,910.046+25.03+939.953)/25.03

=194.77

 

Market Value Ratios:
Number of outstanding shares 1,286,487
Close Price 30.33
Price Sales Ratio Price per share/sales per share 30.33/(11,651.654/1,286,487)

=3.35

PE Ratio Price per share/earnings per share 30.33/(3,229.387/1,286,487)

=12.09

Market to book value MV per share/BV per share 30.33/(17,929.879/1,286,487)

=2.18

 

 

 

 

 

 

 

 

Appendix B

Name: EBay Inc.
STATEMENT OF FINANCIAL POSITION
Fiscal Year: 2011 2012
(FYR Ending): (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 449.758
TOTAL ASSETS 27,320.218
LIABILITIES
    Accounts Payable 4,250.652
    Notes Payable 550.000
    Accrued Expenses 977.018
    Taxes Payable 297.686
    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: 2011 2012
(FYR Ending): (31DEC2011 ) ( N/A )
Sales (Net) 11,651.654
    Cost of Goods Sold 2,787.605
Gross Profit 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 1,429.079
Pretax Income 3,910.046
    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 3,229.387
    Common Stock Equivalents – Savings .000
Adjusted Available for Common 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name: Amazon Inc.

 

STATEMENT OF FINANCIAL POSITION

Fiscal Year: 2010 2011
(FYR Ending): (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
    Prepaid Expenses .000 .000
    Current Assets – Other 459.000 788.000
Current Assets – Total 13,747.000 17,490.000
    Plant, Property & Equip (Gross) 3,256.000 5,786.000
    Accumulated Depreciation 842.000 1,369.000
Plant, Property & Equip (Net) 2,414.000 4,417.000
    Investments at Equity 279.000 266.000
    Investments and Advances – Other .000 .000
    Intangibles 1,912.000 2,602.000
    Deferred Charges .000 .000
    Assets – Other 445.000 503.000
TOTAL ASSETS 18,797.000 25,278.000
LIABILITIES
    Accounts Payable 8,051.000 11,145.000
    Notes Payable .000 .000
    Accrued Expenses
    Taxes Payable .000 .000
    Debt (Long-Term) Due In One Year 224.000 524.000
    Other Current Liabilities 2,097.000 3,227.000
Total Current Liabilities 10,372.000 14,896.000
    Long Term Debt 641.000 1,415.000
    Deferred Taxes (Balance Sheet)
    Investment Tax Credit .000 .000
    Liabilities – Other 920.000 1,210.000
    Noncontrolling Interest – Redeemable .000 .000
TOTAL LIABILITIES 11,933.000 17,521.000
SHAREHOLDERS’ EQUITY
    Preferred Stock .000 .000
    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
Shareholders Equity – Parent 6,864.000 7,757.000
Noncontrolling Interest – Nonredeemable .000 .000
TOTAL SHAREHOLDERS EQUITY 6,864.000 7,757.000
TOTAL LIABILITIES AND EQUITY 18,797.000 25,278.000
INCOME STATEMENT
Fiscal Year: 2010 2011
(FYR Ending): (31DEC2010 ) (31DEC2011 )
Sales (Net) 34,204.000 48,077.000
    Cost of Goods Sold 26,009.000 36,288.000
Gross Profit 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 39.000 65.000
    Non-Operating Income/Expense 136.000 120.000
    Special Items .000 .000
Pretax Income 1,504.000 922.000
    Income Taxes – Total 352.000 291.000
    Minority Interest .000 .000
Income Before EI&DO 1,152.000 631.000
    Extraordinary Items .000 .000
    Discontinued Operations .000 .000
Net Income (Loss) 1,152.000 631.000
Income Before EI&DO 1,152.000 631.000
    Preferred Dividends .000 .000
Available for Common Before EI&DO 1,152.000 631.000
    Common Stock Equivalents – Savings .000 .000
Adjusted Available for Common 1,152.000 631.000
EARNINGS PER SHARE
    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
    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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References:

  • “Amazon.com.” Wikipedia. Wikimedia Foundation, 13 Apr. 2013. Web. 15 Apr. 2013.

 

  • (2010&2011).Amazon Inc.: Company profile.Feb.20, 2013, from Business Source Complete database

 

  • (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…20, 2013, from Compustat database.

 

  • Standard & Poor’s (2011).EBay Inc.: Complete Financial Statements 2011. 20, 2012, from Compustat database

 

 

 

 

 

 

 

 

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