Online retailer Amazon has reported a sharp drop in net income for the three months ending December 31st.
The period saw income of $97m, down significantly from the $177m it reported in the same period last year.
Revenues, however, are up from $17.43bn to $21.27bn. Ebooks were credited as the biggest driver in this rise, with sales up 70 per cent year-on-year.
"We're now seeing the transition we've been expecting," Amazon founder and chief executive Jeff Bezos stated. "After five years, e-books is a multi-billion dollar category for us and growing fast – up approximately 70 per cent last year.
"In contrast, our physical book sales experienced the lowest December growth rate in our 17 years as a book seller, up just five per cent. We're excited and very grateful to our customers for their response to Kindle and our ever-expanding ecosystem and selection."