Amazon have announced a huge 51 percent rise in sales, which has helped the company stock to increase. This surpassed Wall Street expectations.
Amazon filed a report showing that the 51 percent increase in sales accounted for $9.91 billion (around £6 billion) for the first quarter, ending June 30th. This compares very well against $6.57 billion which was recorded in the same period the previous year.
Even though their sales increased by such a huge amount, their overall profit dropped by 8 percent thanks to increasing operating expenses, including distribution centers.
Amazon chief executive Jeff Bezos said in a statement that they were experiencing “the fastest growth we’ve seen in over a decade.”
Amazon are one of the more successful online retailers, having substantial coverage across the globe. Their Kindle e-reader has also been a huge success story with Amazon claiming it has been their biggest selling device ever.
They plan on targeting Apple later in the year when they release their full colour tablet, based around the Google Android operating system. While they have dominated the e-reader market, it will certainly be a challenge taking on Apple in their own sector.
Kitguru says: With the store infrastructure already in place, and if the tablet price is right, they might be able to take a percentage of sales from Apple over the next year.