Amazon bucks economic slump
Amazon posts three month profit
Online retailer Amazon has posted a three month profit of $199 million (£119m). The company announced the figures, which included a $5.45 billion (£3.27bn) rise in sales, yesterday. Industry analysts predict the Seattle-based company will see $5 billion worth of business when it announces its fourth quarter results up to the 30th September.
The news of the profit, combined with predictions of a strong Christmas period, saw the share price of Amazon rise by 14 per cent. Despite a slump in high street sales in the United Kingdom and Europe, international purchases make up 48 per cent of Amazon’s income.
Kindle boosts sales
The popularity of Kindle, the Amazon electronic book reader, was said to be one of the reasons for the growth in sales. Founder Jeff Bezos said the product formed an integral part of Amazon’s long-term marketing strategy.
“Kindle has become the No1 best-selling item by both unit sales and dollars