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Amazon.com's quarterly earnings dipped 33% as the online retailer ramped up
investment in shipping facilities and technology offerings in the three months
to March 31.
Net sales increased 38% to $9.86bn in the first
quarter, compared with $7.13bn in first quarter 2010. Excluding the $144m
favourable impact from year-over-year changes in foreign exchange rates
throughout the quarter, net sales would have grown 36% compared with first
Operating income was $322m in the first quarter, compared with $394m in
first quarter 2010. The favourable impact from year-over-year changes in
foreign exchange rates throughout the quarter on operating income was $7m.
Net income decreased 33% to $201m in the first quarter, or $0.44 per
diluted share, compared with net income of $299m, or $0.66 per diluted
share, in first quarter 2010.
"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 UK, 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," said
Jeff Bezos, founder and CEO of Amazon.com. "We love inventing on behalf of
customers and have never been more excited about the long-term opportunities."