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Tech blog GDGT quoted Jobs as saying: “People have downloaded over 11.7 billion songs from iTunes, and we’re just about to cross 12b. Over 450 million TV episodes, 100 million movies, 35 million books, and over 160 million accounts with credit cards and 1-click shopping in 23 countries.”
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Apple Users Download 35 Million Books; iTunes Goes Social
While paper books are still the norm, e-books now account for up to 20 percent of book sales in categories like romance and sci-fi. The shift in publishing isn’t just about going digital on the iPad or Kindle instead of killing trees; authors now have the options of self-publishing e-books on Smashwords, posting research materials on Scribd, connecting to readers on Facebook and Twitter, and transforming the experience of a book with the web and multimedia through Vook.
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Can Technology FIX Publishing?
Now, a former Apple Inc. employee, Matt Mac Innis, is trying to shake up the market with a new approach that taps into the iPad’s strengths.
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New eBook Textbooks: School Still Boring?
You could hardly dominate an industry more than B&N has dominated the landscape of traditional bookstores. Yet its fortunes have fallen so far that management has hoisted the white flag and put it up for sale.
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Borders, Barnes And Noble Stock Dying: Amazon’s eBook To Blame?
Amazon.com today announced that Monster.com has released the book “Six Fundamentals to Building a Lifelong Career” exclusively in the Kindle Store.
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Amazon Exclusive: Monster.com’s New Book Available Only On Kindle
As digital books continue to gain market share, one of the country’s oldest mass paperback publishers is abandoning its traditional print books and making its titles available in digital format and print-on-demand only.
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Mass Market Paperback Publisher Goes All Digital
The agency model has come under increased scrutiny in the UK following the news that Amazon was poised to launch a co.uk Kindle Store, with the retailer insisting publishers will not be able to set the price of e-books.
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Agency Model For eBook Prices Under Scrutiny In UK
Bertelsmann’s Random House, the world’s biggest book publisher, expects electronic books to contribute more than 10 percent of its U.S. revenue next year, its head was quoted as saying on Sunday.
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Random House CEO Markus Dohle Expects eBooks To Make Up Over 10% Of Revenue By Next Year
The architect of Google’s ambitious book program, Dan Clancy is said to be leaving for another ambitious Google program, YouTube.
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Dan Clancy To Leave Google Books For YouTube
SAN FRANCISCO — Amazon.com Inc. said Thursday that its second-quarter net income jumped, bolstered by shoppers who spent more with the online retailer even as consumer confidence fell overall.
But the Seattle-based company’s earnings fell below analyst expectations, and its stock dove in after-hours trading.
For the April-June quarter, Amazon.com earned $207 million, or 45 cents per share. That’s a 45 percent increase from $142 million, or 32 cents per share, in the same quarter last year.
Analysts polled by Thomson Reuters were looking for 54 cents per share, but rising operating expenses cut into Amazon’s profit growth.
Overall, operating expenses grew 40 percent to $6.3 billion. Part of that resulted from rising fulfillment costs – $582 million, compared with $409 million last year. The company’s cost of sales, which naturally rises along with revenue, grew, too.
In a conference call with journalists to discuss the company’s results, Chief Financial Officer Tom Szkutak attributed much of the expense growth to Amazon’s efforts at increasing its ability to fill orders. The company is adding 13 fulfillment centers this year, he said, and hired 2,200 people during the quarter.
Revenue grew 41 percent to $6.6 billion, slightly beating analyst predictions for $6.5 billion in revenue.
The growth came mainly from sales of electronics and other general merchandise, which increased 69 percent from last year to $3.5 billion. Revenue from books, CDs, DVDs and other media rose 18 percent to $2.9 billion.
Revenue increased 46 percent in North America to $3.6 billion, and 35 percent to $3 billion elsewhere.
As usual, Amazon did not provide details about sales of its Kindle e-reader, which was joined in the second quarter by a formidable competitor, Apple Inc.’s iPad. In a statement, CEO Jeff Bezos said Amazon is seeing “rapid growth” in Kindle sales, among other company offerings.
Earlier this week, Amazon did say that Kindle sales have risen since it cut its price in June. To push more Kindle sales, Amazon dropped the price of the Kindle by $70, to $189, just hours after Barnes & Noble Inc. said it would lower the price of its competing Nook e-reader by $60, to $199. Amazon also started selling the Kindle at Target stores.
Bezos also said Thursday that in the past year, consumers have bought more than $1 billion worth of goods from Amazon with a mobile device. This includes digital purchases made over the Kindle, which can download content wirelessly.
ThinkEquity analyst Aaron Kessler called the company’s quarter was solid overall, despite its inability to meet bottom-line expectations.
In the current quarter, Amazon believes revenue will total $6.9 billion to $7.6 billion, which would mark growth of 27 percent to 40 percent over the third quarter of 2009. Analysts expect $7.1 billion in revenue.
The stock fell $16, or 13.3 percent, to $104.07 in extended trading. Before the release of results, the stock rose $2.64, or 2.25 percent, to close at $120.07.
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Amazon: Profits Up, Stocks Down?
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