Amazon.com surprised Wall Street Thursday afternoon with strong earnings growth for the first quarter as the online retailer was able to maintain strong sales growth without having to resort to massive price cuts in the slowing economy.
Amazon also said it saw particularly strong demand for its Kindle e-reader device in the recent quarter.
Net sales increased 18% to $4.89 billion in the first quarter, compared with $4.13 billion in first quarter 2008. Excluding the $268 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 25% compared with first quarter 2008.
Operating income increased 23% to $244 million in the first quarter, compared with $198 million in first quarter 2008. Excluding the $32 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, operating income would have grown 39% compared with first quarter 2008.
Net income increased 24% to $177 million in the first quarter, or $0.41 per diluted share, compared with net income of $143 million, or $0.34 per diluted share, in first quarter 2008.
http://www.marketwatch.com/news/story/story.aspx?guid=%7BF4EE5A18%2D0111%2D435E%2D831B%2D65B4AD4401AA%7D
Amazon investor relations
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-irhome&c=97664
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