Amazon sales jump 40%

/quote/quote.html?symb=AMZNClick the chart for more details on AMZN. By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Amazon is still keeping mum about how many Kindles it has sold, but the online retailer's business boomed last quarter.

Amazon's sales rose 39% in the third quarter compared to last year, hitting $7.6 billion. Earnings also topped Wall Street's estimates, with net income of $231 million, up 16% from last year.

The Kindle 3 came out in June, and Amazon said the newest versions are the "fastest-selling Kindles of all time." Since the company refuses to disclose sales figures for its e-reader, that's a fairly vague bit of hype.

But the Kindle business is expanding fast, helped by the e-reader's recent price cuts, which brought the most basic version down to $139. Amazon has Kindle apps available now for a wide variety of devices -- including the iPhone, iPad as well as BlackBerry and Android phones -- and plans to soon launch a "Kindle Singles" marketplace for short, inexpensive content.

A conference call with analysts was short on details, with Amazon executives declining to break out sales figures for specific products. They also shrugged off an analyst's question about whether Amazon plans to compete with Hulu or Apple's iTunes on video streaming and downloads.

Amazon (AMZN, Fortune 500) shares rose 4% in regular trading, but lost almost all of those gains in the after-hours session. Investors balked at Amazon's forecast for fourth-quarter operating income, which it said might decline compared with last year.

Still, Amazon's stock is up almost 23% year-to-date. The online merchant has bucked the generally downbeat retail trend.

Also on Thursday, rival Barnes & Noble (BKS, Fortune 500) announced a press event to be held in New York City on Tuesday afternoon. The blog rumor mill went into overdrive, with many speculating that the gathering will focus on B&N's Nook e-reader. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,810.06 91.06 0.51%
Nasdaq 4,712.97 11.10 0.24%
S&P 500 2,063.50 10.75 0.52%
Treasuries 2.32 -0.02 -0.86%
Data as of 9:22am ET
Company Price Change % Change
Bank of America Corp... 17.12 0.12 0.71%
Kinder Morgan Inc 39.75 -0.17 -0.43%
Apple Inc 116.47 0.16 0.14%
Intel Corp 35.59 -0.36 -1.00%
Microsoft Corp 47.98 -0.72 -1.48%
Data as of Nov 21

Sections

This arrangement, announced Friday, illustrates how the lines have blurred between traditional TV networks and newfangled options like Netflix. More

The Obama administration is touting that its immigration action will boost wages. But the hike amounts to only $170 a year by 2024. More

Obama doesn't have the authority to create a startup visa, but part of his reform announcement could include a workaround for entrepreneurs: 'parole status.' More

Nearly half of all Americans say there's a chance they'll have to work during a holiday between Thanksgiving and New Year's, according to a new poll. And one in four say they'll have to work whether they want to or not. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.