Amazon revenue grows 34 percent

Amazon have posted very strong first quarter profits that have exceeded analyst estimates and raised stock value. The Kindle Fire is a best seller, helping them to exceed the estimated results.

Net income between January and March was $130 million. Revenue grew 34 percent to $13.18 billion, more than the $12.91 billion expected by analysts.

Shares rose by 14.6 percent ($28.51) to $224.50 in extended trading after the news was released.

Amazon have big plans for this year and they said that they expect revenue to increase in the second quarter by between 20 percent and 34 percent, or between $11.9 billion and $13.3 billion.

Kitguru says: Amazon are said to be releasing new tablet computers at different sizes to compliment their Kindle Fire, targeting a broader audience.

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