Amazingly Amazon's profits upDuring this economic downturn, everyone seems heading towards online shopping. Stores don't give you real deal except on those occasions for which one has to wait for long period of time. That could be the reason why Amazon has been the luckiest one so far to see sudden rise in it's profit margin even during times like these.
According to the first quarter financial result published by Amazon on their site,there is a comparatively higher growth rate than the previous year. Net sales increased 18% to $4.89 billion in the first quarter, compared with $4.13 billion in first quarter 2008. Operating income increased 23% to $244 million in the first quarter, compared with $198 million in first quarter 2008. Net income increased 24% to $177 million in the first quarter, or $0.41 per diluted share, compared with net income of $143 million, or $0.34 per diluted share, in first quarter 2008.
Also, Amazon CEO Jeff Bezos reported that Kindle sales exceeded their optimum expectations. For second quarter running this month(April) to June, he's even more optimistic for unexpectedly high sales growth.
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