Online retail giant Amazon has announced a jump in sales as it launched new digital products and seized market share online.
Sales in the three months to the end of March increased 22 per cent to $16.07 billion (£10.41 billion) despite a profits slide.
Amazon said it is investing in new products such as new versions of the Kindle and new online services and products. The aggressive expansion meant profits fell 37 per cent to $82 million (£54 million) in the quarter compared to the same period a year before.
The performance was still better than analysts expectations. Its gross profit margin, which is closely watched by investment analysts, increased to 26.6 per cent from 24 per cent a year before.
Amazon came under fire again last week after Tim Waterstone said in an interview that its tax affairs were 'disgraceful'.
Tags: Amazon, Kindle, Tim Waterstone, ecommerce, internet shopping, etail, web retailing, online shopping, catalogue retail
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