Friday, June 21, 2024

Amazon’s Q1 Stronger Than Expected; Is It the Kindle Effect?

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ZDNet: Amazon reported surprisingly strong sales for the first quarter with total revenue of $13.18 billion, a 34 percent year-over-year increase. Earnings were down 35 percent at $130 million or 28 cents a share, but that was better than analysts expected. The company’s stock price surged after the earnings announcement.

The company credited strong sales of the Kindle, in part, for the strong showing. CEO Jeff Bezos noting that the Kindle Fire is the company’s best-selling product. Separately, a new study from comScore showed that the Fire accounts for 54.4 percent of all Android tablets in use in the U.S.

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