Amazon Sales Fail To Meet Estimates

Amazon has posted a record 36 per cent rise in sales revenue for the Q3 but has failed to meet Wall Street estimates.

The company reported a revenue of $12.95 billion or £8.2 billion, although after falling short of the projected revenue set by the New York Stock Exchange, the company's shares slipped by 9 per cent.

Amazon's profits for the final quarter of 2010 rose by 8 per cent to $416 million or £261 million. The company said that its profit margins might decline in the future as it plans to invest more in technology.

The company also announced that it had sold more Kindle ebooks in the US than paperbacks and that the Kindle, which has an e-reader market share of 41.5 per cent, remained the best-selling item in Amazon's history.

On Amazon UK, the Kindle remained the best-selling product during the final quarter of 2010. The company also said that it took 2.3 million product orders on on December 6th, The Press Association informs.