Online retail giant Amazon’s income has fallen as the company continues to invest in expanding its retail and cloud based services.
The company’s net income for the first quarter of 2011 was at $201 million or 44 cents a share, down from 299 million, or 66 cents per share in last year’s first quarter.
Meanwhile, the company’s net sales saw an year-on-year increase of 38 percent in the first quarter of 2011, ending up at $9.86 billion. Amazon also said that its operating income was at $322 million in the first quarter compared to $394 million in the same quarter last year.
Amazon said that it has no plans of curbing its spending on expanding services that will benefit it in the long run.
"In the last 90 days, we announced Kindle with Special Offers, Kindle Library Lending, Audible audiobooks on Kindle, Appstore for Android, Amazon for Windows Phone 7, Checkout by Amazon in both Germany and the U.K., a Kindle Store in Germany, Cloud Drive, Cloud Player, and Prime Instant Video - just to call out a few of the things we've been working on," Jeff Bezos, founder and CEO of Amazon.com, said in a statement as reported by TechCrunch (opens in new tab).
"We love inventing on behalf of customers and have never been more excited about the long-term opportunities," he added.