Amazon Shares on Fire as Tablet Hogs Android Share
Amazon's $200 Kindle Fire tablet continues to torch the rest of the field, snagging 54.4 percent of the Android tablet market, according to a report today from comScore. Samsung's Galaxy Tab family came in a far second, with a 15.4 percent share of the Android market, down 19.1 percent sequentially.
The comScore report comes after Amazon yesterday reported a 30 percent drop in net income, which didn't seem to faze investors. Shares of the company shot up 15 percent in afterhours trading.
Amazon reported net income of $130 million, or 28 cents a share, down from $201 million, or 44 cents a share. While that's a drop for sure, it beat analyst expectations. Revenue was up 34 percent annually to $13.18 billion from $9.86 billion a year ago. Analysts on average were expecting Amazon to report earnings of 7 cents a share and revenue of $12.9 billion for the quarter.
Senior Vice President and CFO Thomas Szkutak said the company is pleased with the growth that the Kindle Fire is seeing, adding that customers are buying "a lot of content," particularly in North America.
"When you look at our North American media growth from Q4 to Q1, you're seeing that accelerate," Szkutak said, according to a transcript of the earnings call provided by Seeking Alpha.
Amazon saw global media sales grow 19 percent to $4.71 billion.
The company forecasted revenue for the second quarter between $11.9 billion and $13.3 billion or growth of between 20 percent and 34 percent.
Share of Amazon were up over 13 percent to $221.77 in early trading.