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Amazon.com buoyed by Potter magic Potter magic buoys Amazon sales
(about 13 hours later)
Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.com. Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.
The retailer said profits in the three months to 30 September quadrupled to $80m (£39m) with more online sales.The retailer said profits in the three months to 30 September quadrupled to $80m (£39m) with more online sales.
The final book in the boy wizard series, Harry Potter and the Deathly Hallows, became the fastest selling book ever upon its release in July.The final book in the boy wizard series, Harry Potter and the Deathly Hallows, became the fastest selling book ever upon its release in July.
But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.
"In our view, putting customers first is the only reliable way to create lasting value for shareowners," said Jeff Bezos, founder and chief executive of Amazon.com. "In our view, putting customers first is the only reliable way to create lasting value for shareowners," said Jeff Bezos, founder and chief executive of Amazon.
Revenue rose 41% to $3.26bn from the same quarter last year, helped by the 2.5 million copies sold of the seventh Harry Potter book - Amazon's biggest new product release.Revenue rose 41% to $3.26bn from the same quarter last year, helped by the 2.5 million copies sold of the seventh Harry Potter book - Amazon's biggest new product release.
Amazon said it anticipated a record holiday season, with expected sales of between $5.1bn and $5.45bn.Amazon said it anticipated a record holiday season, with expected sales of between $5.1bn and $5.45bn.
Sales of electronics and general merchandise gained more than those of CDs and DVDs.Sales of electronics and general merchandise gained more than those of CDs and DVDs.
The retailer also saw an increase in more profitable sales by third-party sellers, who advertise their wares on the Amazon.com site.The retailer also saw an increase in more profitable sales by third-party sellers, who advertise their wares on the Amazon.com site.