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Amazon Q1 Earnings Up 68%

4/23/2010 11:48:31 AM Eastern
Seattle - Amazon.com continued to rack up strong sales and earnings in the first quarter of 2010.

Net income increased 68 percent to $299 million for the three months, ended March 31, and net sales rose 46 percent to $7.1 billion.

Excluding the favorable impact of currency fluctuations, net sales grew 42 percent.

In North America, sales of electronics and other general merchandise rose 73 percent to $2 billion during the quarter.

Total North America sales rose 47 percent to $3.8 billion, and operating income increased 82 percent to $273 million.

In a statement, Amazon.com founder/CEO Jeff Bezos said, "We remain heads-down focused on customers," and described the company's proprietary Kindle e-book reader as its No. 1 best-selling product.

The e-commerce pioneer also confirmed during a conference call that Target will be the first retailer outside Amazon to carry Kindle.

Looking ahead, the company projected second-quarter net sales growth of between 31 percent and 44 percent.
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