Amazon Beats the Street

Despite a slip in net income, Amazon.com Inc. beat analysts’ expectations.

For the period ended June 30, net income decreased 8 percent to $191 million, or 41 a share, compared with a net income of $207 million, or 45 cents, in the second quarter of 2010.

Net sales at the Seattle-based parent company of Zappos.com surged 51 percent to $9.91 billion, from $6.57 billion in second-quarter 2010.

Analysts were looking for earnings of 35 cents a share on revenue on $9.37 billion, as polled by Yahoo Finance.

“Low prices, expanding selection, fast delivery and innovation are driving the fastest growth we’ve seen in over a decade,” Jeff Bezos, founder and CEO of Amazon.com, said in a statement.

Excluding the effect of exchange rates, worldwide media sales grew 37 percent year-over-year. Electronics and other general merchandise surged 59 percent, and other revenue advanced 4 percent.

The online retail giant ended the quarter with $2 billion in cash and cash equivalents, and no long-term debt.