Amazon Reports 34% Revenue Increase

From DailyTech: Amazon (AMZN) released its Q1 2012 financial results for the quarter ended March 31, 2012, where it saw a decline in earnings but managed to top previous forecasts.

According to the report, Amazon's net sales increased 34 percent to $13.18 billion in Q1 2012 compared to $9.86 billion in Q1 2011. Operating cash flow also increased 1 percent to $3.05 billion for the trailing 12 months compared to $3.03 billion for the trailing 12 months ended March 31, 2011.

Operating income dropped from $322 million in Q1 2011 to $192 million in Q1 2012. Net income also took a hit, falling from $201 million (44 cents per diluted share) in Q1 2011 to $130 million (28 cents per diluted share) in Q1 2012, which is a 35 percent dip.

Common shares also slid slightly from 466 million for the quarter ended March 31, 2011 to 464 million for Q1 2012.

Amazon even topped previous revenue forecasts, where investors expected Amazon to post earnings of 7 cents per share and a revenue of $12.9 billion. The stock is up nearly 14 percent today.

Amazon's claim to fame at the moment is its Kindle line, which includes various e-readers and its new Kindle Fire tablet. These products have given Amazon a huge sales boost, where the Kindle Fire alone remains the No. 1 bestselling item on Amazon.com.

"I’m excited to announce that we now have more than 130,000 new, in-copyright books that are exclusive to the Kindle Store – you won’t find them anywhere else," said Jeff Bezos, founder and CEO of Amazon.com. "They include many of our top bestsellers – in fact, 16 of our top 100 bestselling titles are exclusive to our store. If you’re an Amazon Prime member, you don’t even need to buy these titles – you can borrow them for free – with no due dates – from our revolutionary Kindle Owners’ Lending Library.

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