Announces Q2 2011 Results; Revenues Up 51% to $9.91 Billion

Amazon, the world’s largest online retailer and e-commerce giant, just posted its second quarter results, and they are quite encouraging. Revenues have increased 51% to $9.91 billion over the second quarter in 2010. Its net income was $191 million, down 8% from $207 million in Q2 2010, implying an EPS of $0.41 this quarter.

Low prices, expanding selection, fast delivery and innovation are driving the fastest growth we’ve seen in over a decade,said Jeff Bezos, founder and CEO of Kindle 3G with Special Offers has quickly become our bestselling Kindle at only $139. Customers love the convenience of a 3G reader — no hunting for or paying for Wi-Fi hotspots. Amazon picks up the tab for the 3G wireless, so you have no monthly payments or annual contracts.

Here are a few highlights of the earnings release:

1. The Kindle 3G with Special Offers is now the bestselling Kindle at just $139.

2. The Kindle U.S. store now has close to 1 million books, with a majority priced below $9.99.

3. Amazon launched Kindle Textbook Rental which offers students books at up to 80% off from textbook list prices.

4. Amazon Prime customers will now be able to stream TV shows from CBS for free.

5. Amazon launched Amazon Relational Database Service for Oracle databases which will allow customers to set up their Oracle databases in the cloud.

Amazon also released some Q3 2011 guidance figures. It expects sales to increase to between $10.3 billion and $11.1 billion, with the operating income expected to be between $20 million and $170 million.

Its stock (AMZN) is up nearly 6% in pre-market trading.

You can check out the press release here: Announces Second Quarter Results

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