Amazon may have sold 180 Kindle books for every 100 hardback books in the past month, but despite the burgeoning new market the company's quarterly results did not please the financial world.
Even with growing sales and profit, shares in Amazon took a major hit after the online retailer's numbers came up short of expectations.
Amazon announced revenue of $6.6 billion for the second quarter of 2010, a 41 per cent rise year on year.
Profits were also up, with Amazon declaring a 45 per cent rise from the same quarter in 2009 to $207 million.
Shares down
But it wasn't enough in the world of high finance, and the company's share price tumbled because the numbers did not reach predictions.
The Kindle ebook reader featured heavily in Amazon's financial report, with the company stating that sales of ebooks were rocketing.
"Amazon.com is now selling more Kindle books than hardcover books," stated Amazon's release.
"Over the past three months, for every 100 hardcover books Amazon.com has sold, the Company has sold 143 Kindle books.
"Over the past month, for every 100 hardcover books Amazon.com has sold, the Company has sold 180 Kindle books."
"This is across Amazon.com's entire U.S. book business and includes sales of hardcover books where there is no Kindle edition.
"Free Kindle books are excluded and if included would make the number even higher."
