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.