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Amazon Lowers Sales Expectations

Oct 22, 2008, 6:33 PM
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Despite a 48% jump in earnings and a 31% surge in sales in the third quarter, Amazon caused a minor commotion among investors, lowering its sales forecast for the months ahead. Sales for the quarter reached $4.26 billion, while net income came in at $118 million.

The company says its Kindle selection continues to grow, with more than 185,000 available book titles, and that Kindle titles already account for better than 10% of unit sales for books that are available in both digital and print formats. The company now says it expects to be between $6 billion and $7 billion, which would represent a growth of between 6% and 23% compared with the same period a year ago.--Sarah Mahoney

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