New Kindle boosts Amazon profits

Amazon's new Kindle electronic reader boosts first quarter profits beat Wall Street expectations this week, announcing an 18 per cent increase in revenue to $4.89 billion for the first financial quarter.

Amazon posted a 21% sales gain in North America, with Chief Exec Jeff Bezos noting that sales of the Kindle electronic reader had "exceeded our most optimistic expectations."

Increasing wallet share

First-quarter net income rose 24% to $177 million, or 41 cents per share, compared with $143 million, or 34 cents per share, at the same time in 2008.

"It tells you how well they're executing and winning business with customers and increasing share of wallet with their consumers," noted analyst Steve Weinstein at Pacific Crest Securities

"It's an incredible feat."

Via Reuters