Amazon posted its second quarter revenue up 51 percent year-over-year to $9.91 billion. Net income totaled $191 million, or 41 cents per share, down from $207 million, or 45 cents per share, in the same quarter in 2010, Forbes reported.
The results beat Wall Street’s expectation – 35 cents a share on revenue of $9.38 billion. The second quarter is usually the e-commerce company’s slowest season of the year. According to Thomson Reuters, Amazon is expected to generate revenue of $10.35 billion in the third quarter and $17.4 billion in the last, ZDNet reported.
According to CEO Jeff Bezos, drivers of the sales growth include “low prices, expanding selection and innovation,” MSNBC reported.
Revenue from electronics and general merchandise rose 69 percent to $5.89 billion, while sales of books, CDs, DVDs and other media gained 27 percent to $3.66 billion.
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