Amazon earnings rocket to nearly $200M
Amazon.com’s third-quarter earnings spiked 68% higher than last year: $199 milli0n in earnings on $5.45 billion in sales.
CEO Jeff Bezos is laughing at those of us who made fun of the Kindle, Amazon’s $250 e-book reader. The thing will bring in about $1.9 billion in annual revenue in 2012, up from $300 million this year, one analyst estimates.
Bloomberg reports:
Chief Executive Officer Jeff Bezos has used price cuts, shipping promotions and a growing array of products to attract customers from other online retailers. Amazon.com has announced four acquisitions this year, including the online shoe seller Zappos.com Inc., to broaden its reach.
Amazon’s numbers look especially good because there’s no one section of the business carrying the rest. The rise in profits are “across the board” according to the Wall Street Journal.
“This level of outperformance was unexpected,” said Sandeep Aggarwal, an analyst at Collins Stewart LLC in San Francisco.
[Photo: Seattle Weekly]
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About the Author, Paul Boutin
Paul (paul@venturebeat.com) covers Apple & the iPhone, social networks & social media, digital music & video, and any crazy Internet story. Paul wrote and edited for Valleywag from 2006-2008, after several years with Wired magazine and Slate. He writes regularly for The New York Times' technology section and sometimes for Wired and The Wall Street Journal. He studied computer science at MIT in the early 1980s, and worked as a software developer and network administrator for 15 years before becoming a professional writer. Follow him on Twitter at @paulboutin, and follow VentureBeat on Twitter at @venturebeat.
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