Amazon revealed its third quarter earning results today, and reported the cpmpany's first quarterly loss in four years. According to the company, the net loss was $274 million in the third quarter. Shares dipped 9% but bounced back quickly.
While CEO Jeff Bezos lauded the sales numbers for the various Kindle models, he was characteristically vague. In a press release he said:
"Our approach is to work hard to charge less. Sell devices near breakeven and you can pack a lot of sophisticated hardware into a very low price point. And our approach is working - the $199 Kindle Fire HD is the #1 bestselling product across Amazon worldwide. Incredibly, this is true even as measured by unit sales. The next two bestselling products worldwide are our Kindle Paperwhite and our $69 Kindle. We're selling more of each of these devices than the #4 bestselling product, book three of the Fifty Shades of Grey series. And we haven't even started shipping our best tablet - the $299 Kindle Fire HD 8.9" ships November 20."
Despite the loss, Amazon raked in $13.8 billion in revenue, and the company's investors probably aren't too worried about its prospects. Especially considering that new line-up of Kindles Bezos referred to will be available just in time for the holiday shopping season.