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Amazon Profits Up 45 Per Cent

Amazon has announced an increase in its second-quarter revenues and net profit, the New York Times reported on Thursday.

The company said that second-quarter profits were up 45 per cent on the same period last year.

The internet bookseller's net income rose from $142 million last year (32 cents per share), to $207 million, or 45 cents per share.

The company also announced an increase in revenues of 41 per cent, up from $4.65 billion a year ago to $6.57 billion.

Despite the increase, Amazon's sales figures have disappointed Wall Street experts, who had predicted profits per share to reach at least 54 cents.

"We're seeing rapid growth in Kindle, Amazon Web Services, third-party sales and retail. We're also encouraged by what we see in mobile. Also over time, tablet computers could become a meaningful additional driver for our business," said Jeff Bezos, Amazon's founder and chief executive officer.

Bezos stated that the sales of company’s Kindle are growing well despite the launch of Apple’s iPad in the same quarter.