Friday, April 23, 2010

Recession? What Recession?

Online retailer Amazon reported a 68% rise in net profits for the first quarter of the year to $299m (£194.5m). Turnover was up by 9% to $2.2bn, while total sales jumped by 46% to $7.13bn - more than expected by analysts.

However its forecast for the April-June period were lower than what investors had hoped, and shares in the firm fell 6% in after-hours trading. Its Kindle electronic reader has helped sales but it faces a market share battle against Apple's new iPad.

Amazon will start selling the Kindle at some Target stores later this month. It can only currently be bought on the Amazon website.

Copyright 2009 AmSAW

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