Amazon continues to enjoy steady growth on Wall Street in the wake of its recent earnings report. Shares of the ecommerce giant were already trading at twice last year’s price when third-quarter earnings were released. When the Q3 numbers far exceeded analysts expectations, shares rose even higher, closing Tuesday at $122.07. By comparison, Amazon closed trading on October 27, 2008 at $49.58 per share.
Net sales rose by 28 percent, due in part to the popularity of Kindle, the company’s wireless reading device.
“Kindle has become the [number] one bestselling item by both unit sales and dollars–not just in our electronics store but across all product categories on Amazon.
“It’s also the most wished for and the most gifted. We are grateful for and energized by this customer response,” said Jeff Bezos, founder and CEO of Amazon.
Amazon began shipping the latest generation Kindle last week.
Amazon’s North America segment sales were up 23 percent from third quarter 2008, whereas international segment sales, representing the Company’s U.K., German, Japanese, French, and Chinese sites, were up 33 percent from third quarter 2008.