HARDBALLING sales of Amazon.com Inc.’s Kindle e-reader have soared since the company introduced the Kindle Paperwhite in late 2014.
The e-readers now sell for about $350 on Amazon.co.jp, compared with about $500 in 2013, and the company said last week it expects that sales will hit $1 billion in 2020.
Amazon’s sales have been boosted by the launch of the Kindle Fire tablet in early March, which Amazon calls a “worldwide phenomenon.”
Amazon’s stock price rose 8.3% in the past 24 hours, to $8.43.
Shares of Google Inc. and Microsoft Corp. also have surged since the introduction of the new tablets, with Google gaining 10% to $56.30 and Microsoft’s market value rising by more than 10%.
Amazon shares are trading around $9.40, about 6.5% higher than the S&P 500’s price of $9,849.
The Dow Jones Industrial Average closed down 0.7% to 17,664.
The Nasdaq Composite Index of small companies closed down 2.5%, or 3.1%, to 4,966.