Kindle helps Amazon duck downturn

 

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By Stuart Turton

Posted on 30 Jan 2009 at 10:45

Amazon has dodged the economic downturn aided by strong Christmas sales and the Kindle eBook reader.

The retailer saw fourth quarter revenue jump 18% to $6.7 billion from the year before, buoyed by what company chief executive Jeff Bezos described as "the best ever Christmas".

Bezos claims the figure would have surpassed the $7 billion mark had it not been for the $320 million lost on currency fluctuations. The chief executive attributed the strong results to the company's ability to offer sweeping discounts on products and free delivery.

He also praised the company's eBook reader, the Kindle, though gave no specifics concerning sales of the device over the quarter.

"We're particularly grateful for the unusually strong demand for Kindle in the fourth quarter," he said.

Amazon saw a 9% increase in net income to $225m for the quarter, with stock rising 7.5% to $53.75 a share in after-hours trading.