Amazon Says Kindle Book Sales Have Overtaken Paperback Sales
Amazon.com announced fourth-quarter financial results today, saying it hit two milestones: It had its first $10 billion quarter, and its Kindle book sales had overtaken paperback books as the most popular format on the giant bookseller’s site. Since the beginning of the year, it has sold 115 Kindle books for every 100 paperbacks sold (not including free books). During the busy holiday quarter, net income jumped eight percent to $416 million on a 36 percent increase in sales, compared with the previous year’s period. Revenues totaled $12.95 billion, which fell short of the $12.99 billion analysts were expecting, according to Thomson Reuters.