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Thursday, Apr 25, 2013 5:45pm
Amazon quarterly report shows growing sales, modest profits
Amazon today announced financial results for its first quarter that ended March 31. The company reports that net sales increased 22 percent to $16.07 billion in the first quarter, compared with $13.18 billion a year ago. Despite the increased sales, net income decreased 37 percent to $82 million in the first quarter, or $0.18 per share, compared with $130 million, or $0.28 per share in the first quarter of 2012.

Highlights of the quarter listed by Amazon include the expansion of Prime Instant Video, adding shows like Downton Abbey, Justified and Under the Dome as well as shows from HGTV, DIY Network, Food Network, Cooking Channel and the Travel Channel. Amazon also noted that the Kindle Owner's Lending Library has grown to over 300,000 books available to borrow for free as frequently as a book a month, including many titles exclusive to Amazon.

For the second quarter of 2013, Amazon expects net sales to be between $14.5 billion and $16.2 billion, an increase of between 13 and 26 percent compared to the second quarter of 2012. The company expects to have operating income fall between a loss of $340 million and a $10 million gain, compared to a gain of $107 million in the year-ago-quarter.