Even though Amazon recorded a 41 percent increase in sales last quarter, the company’s stock tumbled yesterday. According to the Wall Street Journal the company didn’t meet analysts’ estimates for the quarter as Amazon spent money building infrastructure for cloud computing and a better distribution network.
Here’s more from the WSJ this morning: “Amazon shares felt the impact of the miss, falling in after-hours trading Thursday to a low of $100, a mark not seen since October. The stock has since rebounded a bit, down 11.2% to $106.60 Friday.
The company had an optimistic outlook during the announcement last night. eBookNewser had the story: “The e-commerce retailer equated the sales to the growth of the Kindle. According to the company eBooks are now outselling hardcovers on it’s site. Amazon also said that it sold more than 3x as many Kindle books in the first half of 2010 as in the first half of 2009.”
