By Leena Rao
Amazon.com (AMZN) just reported strong earnings for the first quarter of 2010, with net sales increasing by 46% to $7.13 billion in the first quarter, compared with $4.89 billion in first quarter 2009. Amazon says the Kindle remains its bestselling product with the number of books available for the device reaching 500,000 titles.
Operating income increased 62% to $394 million in the first quarter, compared with $244 million in first quarter 2009. Net income increased 68% to $299 million in the first quarter, or $0.66 per diluted share, compared with net income of $177 million, or $0.41 per diluted share, in first quarter 2009.
Amazon is clearly emphasizing Kindle sales and its status as their premier product in response to the potential competitiveness from Apple’s tablet device, the iPad. Amazon subsequently released its own iPad app for the Kindle, to compete with iBooks. For the quarter, Amazon reported that worldwide electronics and other general merchandise sales grew 72% to $3.51 billion. The U.S. Kindle Store now has more than 500,000 books, which Amazon says includes 100 of 111 New York Times Bestsellers, more than 9,000 blogs, and more than 175 top U.S. and International newspapers and magazines.
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