Amazon Q1 net income up 68%; company to sell Kindle at Target
E-commerce giant Amazon.com reported a 68% year-over-year increase in first quarter net income to $299 million from $177 million.
The company's US and Canadian Web sites combined for a 47% increase in quarter-over-quarter sales. International sales were up 45% from the last quarter.
Amazon could not be reached for comment by press time.
Among the two product classifications broken out in Amazon's earnings report, “media” sales increased 22% quarter-over-quarter, to $1.6 billion from $1.3 billion, while “electronics and other general merchandise” sales were up 73%, to $2 billion from $1.2 billion).
Amazon also announced that Target will carry its Kindle e-reader device in stores beginning April 25, initially in South Florida- and Minneapolis-area locations.
“It's starting with a small number of stores, but we are very pleased to be working with Target and…to have even more customers see Kindle and have the opportunity to purchase Kindle,” said Tom Szkutak, SVP and CFO of Amazon, on its quarterly earnings call, according to a transcript from financial news site Seeking Alpha.