October 23, 2009
Kindle No 1 Seller For Amazon
Amazon on Thursday announced its Kindle electronic reader as the company's best-selling product.
"Kindle has become the number one bestselling item by both unit sales and dollars -- not just in our electronics store but across all product categories on Amazon.com," said Amazon chief executive Jeff Bezos.
The announcement coincided with Amazon's reported 68 percent net profit increase in the third quarter to $199 million, or 45 cents per share. The company's profits beat out Wall Street analyst expectations of 33 cents per share.
Amazon's revenue rose 28 percent to $5.45 billion. The announcement drove shares up 14.77 percent in after-hours trading to a new high of $107.25.
The company has a tradition of keeping its Kindle sales figures out of the public eye, but AFP reports Forrester Research believes the e-reader holds a 60 percent share of the US e-reader market, while Sony's Reader holds 35 percent.
What's more, Forrester expects three million e-readers to be sold in the US this year, which represents an increased forecast over the initial two million units.
For the Christmas season, Amazon expects fourth-quarter sales to be between $8.1 billion and $9.1 billion.
Chief Financial Officer Tom Szkutak said that consumers are continuing to purchase goods on Amazon.com because it maintains low prices and a massive selection.
"That's certainly helping growth," Szkutak told reporters during a conference call.
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