Amazon Posts Q2 Profits23 Jul, 2008 By: Chris Tribbey
The economy may be slow, but Amazon.com is living high, posting second quarter profits of $158 million, up from just under $80 million during the same period last year.
The company's revenue for the three-month period ending June 30 was $4.06 billion, with sales of DVD, Blu-ray Disc, CDs and other media increasing 31%, to $2.41 billion, compared to $1.83 billion during the same period in 2007.
The company, which announced this month it would offer a movie and TV streaming-on-demand service, also saw sales of electronics up 58%, compared to the same period last year.
In a conference call with investors, Amazon CEO Jeff Bezos said that consumers are choosing to do their shopping online because it's cheaper and more convenient than driving to a store.