Amazon Gets Late Christmas Present

Holiday shopping doubles retailer's quarterly income
By Sam Gale Rosen,  Newser Staff
Posted Jan 30, 2008 5:47 PM CST
The Kindle device is shown in this photograph released by on Monday, Nov. 19, 2007. The $399 electronic book device will allow downloads of more than 90,000 book titles, blogs, magazines and...   (Associated Press)
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(Newser) – Amazon's net income more than doubled in the fourth quarter, in part because of the retailer's sales gimmicks for the holidays, reports the Wall Street Journal. In addition, Amazon released a cheerier than expected forecast for this year's first quarter. The good news could help soothe Wall Street's nervousness over decreasing consumer spending.

In the past, Amazon had been plagued by narrow profit margins, notes the Journal. The retailer has been spending heavily on new technology (hello Kindle?) and improving its website, hoping that it would pay off down the road. Amazon projects a total 2008 revenue of $18.75 billion to $19.75 billion.