Amazon profit falls 73% in Q3 despite record Kindle launch

Amazon reported third-quarter earnings on Tuesday, noting net sales increased 44% from the same quarter last year to $10.88 billion. That figure is on a par with Wall Street’s revenue expectations of $10.93 billion. Amazon reported EPS of $0.14, which missed the Street’s estimates of $0.24 per share. Net income fell 73% quarter-over-quarter, however. Amazon reported net income of $63 million during the third quarter, down from $231 million in the second quarter. The online retailer said September 28th was its biggest day ever for Kindle sales, including during the previous peak holiday season. “In the three weeks since launch, orders for electronic ink Kindles are double the previous launch,... »read more

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