Makes Hay While the Sun Don't Shine

28 July 2008

SEATTLE: Web retail giant Amazon's booming second quarter profits suggest the company has found a silver lining to the global economic clouds, with net income up to $158 million (€100m; £79m), double that of the year-ago period, while sales climbed 41% to $4.06 billion.

Consumers, it seems, are turning to online shopping and home entertainment rather than spending their hard-earned cash on gasoline or going out.

Amazon says sales of books, CDs and DVDs were up 31% to $2.41bn during Q2, while electronics and other general merchandise sales soared 58% to $1.53bn.

Comments ceo Jeff Bezos: "Even just driving 10 miles these days is a few dollars worth of gasoline.

"And consumers, we suspect, are beginning to take that into account and try to do trip consolidation."

Data sourced from BBC Online; additional content by WARC staff