So it isn't only dirt cheap supermarkets making money right now...
Proving the theory that in a recession people make their own entertainment is news of Amazon's stonking Q1 financial results.
For the quarter ended 31 March Amazon has turned in revenue figures of $1.76bn up hugely from the $1.04bn in Q1 2008 while free cash flow also leapt 82 per cent to $1.43bn. Net sales are up too climbing 18 per cent to $4.49bn compared to $4.13bn in the year ago period. Excluding a $268m unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 25% compared with Q1 2008. Mighty impressive indeed.
That's not the end of it either as operating income jumped 23 per cent from $198m to $244m and this would have been up 39 per cent were it excluding the $32m hit Amazon again suspects was suffered from unfavourable exchange rates. Rounding things off nicely were profits at $177n, a 24 per cent year bump on Q1 '08.
"We're grateful and excited that Kindle sales have exceeded our most optimistic expectations," said Amazon CEO and founder Jeff Bezos, who seemed to take a rather narrow viewpoint of what was in fact great success across the board.
In fact Bezos would probably be equally well advised to look at the powerful start made by Amazon MP3 around the globe, its burgeoning eBook sales on all platforms and the aforementioned economy for equally important factors. With HD on demand now also in the mix it looks like a fine time to be an Amazon shareholder...