US online retail giant Amazon has said its net profit for the first three months of this year rose by a better than expected 68% from the same period last year.
Amazon posted a quarterly net profit of $299m, or 66 cents per share, compared with $177m in the same quarter a year ago. Amazon said sales increased 46% to $7.13 billion.
Chief executive Jeff Bezos said the electronic book reader the Kindle remains Amazon's 'number one bestselling product', but the company continued its practice of declining to provide sales figures for the device.
Amazon also said it expected sales of $6.1 billion to $6.7 billion in the second quarter.
Amazon joined rival eBay Inc in disappointing investors who had sought an even greater acceleration in earnings growth as consumer confidence picks up.
Amazon's media segment, which includes books, has been improving, as it strives to offer the lowest prices against fierce competition from rivals such as Wal-Mart Stores Inc's online unit. That segment rose 26% in the first quarter.
Currency exchange rates also boosted revenue, the company said. Revenue rose 47% in North America and 45% internationally.
