Amazon posts earnings increase on higher sales

Amazon, the giant online retailer that is rapidly expanding into digital media and hardware, said Thursday its first-quarter net income rose 32 percent from a year ago to $108 million as it registered higher sales in all major product lines.

According to USA Today, net sales increased 23 percent to $19.75 billion for the three months ended March 31.

The stock closed 4 percent higher at $337.15 on Thursday.

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