Amazon releases holiday sales report, laughs all the way to the bank

What’s this, you say? News of a major retailer doing better than expected despite the tough economic times? We know, we know. It’s hard to believe, but some folks are weathering the economy’s downturn better than the media would have you believe. According to Amazon’s Q4 report from 2008, the company did pretty well during the oh-so-important holiday sales season. Amazon posted a net sales increase of 18% to $6.7 billion, with net income shooting up 9% to $225 million. Not so bad, especially given the dire state of just about every other ledger report we’ve seen over the past couple weeks. Amazon shares shot up 12% following the release of the report. Amazon CEO Jeff Bezos also gave a relatively positive estimate for Q1 2009, predicting between 9-19% increase in sales, though he does expect a significant decline in net operating income.All told, however, it’s nice to see some positive news coming out of the tech sector, and we can only hope that we’ll see some more similar progress to combat the prevailing fear and uncertainty.

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