Amazon CEO Touts Kindle Prospects
SAN FRANCISCO -- Amazon (AMZN) Chief Executive Jeff Bezos doesn't expect the company's portable wireless reading device to replace physical books, but he allowed for the possibility of the Kindle to one day become a significant part of the online retailer's business.
Speaking at the annual D6 conference in Carlsbad, Calif., hosted by The Wall Street Journal, Bezos declined to specify how many Kindles have been sold by Amazon since their release last fall, but noted that unit sales account for more than 6% of total book sales for the 125,000 titles available on the device.
On Tuesday, Amazon lowered the price of the Kindle to $359 from $399. On Wednesday, Bezos said the move didn't signify that the company would come out with an upgrade anytime soon, according to the All Things Digital Web site.
The speed by which analog books are converted into digital text will largely depend on how quickly the publishing industry can make the transition, Bezos said. The goal of Kindle, he added, is to allow users to seamlessly download books onto the device in 60 seconds or less.Bezos acknowledged that pursuing initiatives such as e-books and Web services is a new frontier for Amazon, but by sticking to only what it knows, the company would run the risk of becoming outmoded. As for any concerns that Amazon might have over the macro-economy, Bezos said so far it hasn't been a problem. The company last month managed to beat Wall Street estimates for the first quarter but analysts were disappointed with its flat operating margins.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV