Amazon Ups Q2 Profit 45%23 Jul, 2010 By: Erik Gruenwedel
Amazon reported second-quarter (ended June 30) net income of $207 million, up 45% from net income of $142 million during the previous-year period.
The e-commerce juggernaut said global media sales, which include DVD/Blu-ray Disc movies and TV programming, grew 18% to $2.87 billion. Worldwide electronic sales, which include Blu-ray players and related merchandise, increased 69% to $3.49 billion.
Amazon touted sales of electronic books via its proprietary Kindle reader in driving quarterly revenue of more than $1.8 billion, up 8.4% from revenue of $1.7 billion during the same quarter last year.
Indeed, Amazon said it sold 143 Kindle books for every 100 hardcover books in the quarter (180 to 100 in June), marking the first time electronic distribution of published literature exceeded paperback and hardcover at the online retailer.
The Association of American Publishers reported that e-book sales grew 207% year-to-date through May.