Shares of Audible (Nasdaq: ADBL), which sells premium spoken-word content online, climbed nearly seven percent on Monday, gaining 1 to 15-1/2 after the company announced that it has entered into a multi-million dollar agreement with Amazon.com. Audible will become Amazon’s exclusive provider of spoken-word audio programming for downloading or streaming via the Web. In addition, Amazon.com will acquire a five percent stake in Audible at market prices.
Also on Monday, Audible announced fourth quarter revenue of more than US$420,000, an increase of 338 percent from the nearly $96,000 reported in the same quarter of 1998. For the fourth quarter of 1999, Audible had a net loss of nearly $5.4 million, or 21 cents per share.