Retail giant Amazon has announced the financial results for the last quarter of the previous year with net sales going up but profits declining. Amazon registered net sales of $17.43 billion during the quarter but, the net income dropped by 58 per cent to 277 million.
The sales increased at a rather impressive rate - 35 per cent to more specific, as compared to the same quarter a year back. According to the statistics provided by the company, the growth in sales can be attributed to a soaring demand for the Kindle family line across the globe.
The retail giant brags that the Kindle line up - consisting of the Kindle reader as well as the Kindle Fire tablet - grew by 177 per cent in comparison to the previous quarter, i.e. Q3 2011.
"We are grateful to the millions of customers who purchased the Kindle Fire and Kindle e-reader devices this holiday season, making Kindle our bestselling product across both the U.S. and Europe," Jeff Bezos, founder and CEO of Amazon.com said in press release.
"Our millions of third-party sellers had a tremendous holiday season with 65% unit growth and now represent 36% of total units sold," he added.