Amazon shares climb on Kindle e-book optimism
SAN FRANCISCO (REUTERS) - Amazon.com Inc shares climbed more than 4 per cent on Tuesday after an analyst note fuelled optimism about the company's Kindle e-book business.
The e-book market is a lot bigger than previously thought, and owners of Kindle e-readers and tablets are reading more e-books, Morgan Stanley's Scott Devitt, a leading Internet and e-commerce analyst, told investors in the research note.
Devitt estimated worldwide e-book unit sales of 859 million in 2012, up considerably from a previous estimate of 567 million.
With almost 45 per cent of the e-book market, Amazon likely sold 383 million e-books last year, compared with an earlier estimate of 252 million, the analyst added.