In spite of reports to the contrary, of which I've also reported on, the results of Amazon.com's (AMZN) third quarter sales and net income could be an indicator that the economy isn't as strongly impacted by the credit crunch as originally thought.
That doesn't mean it isn't real, just that consumers may be shrugging it off and continuing to spend. That's good news if it extends beyond Amazon.
The company reported earnings of $80 million, or 19 cents per diluted share for the third quarter. Net sales also increased to $3.26 billion, a huge 41 percent increase over last year, where they recorded $2.31 billion in sales.
Another good sign, is Amazon's guidance for the fourth quarter has been raised to a much higher level, with net sales projected to reach between $5.1 billion and 5.45 billion.
If other retailers and online retailers are slower than last year in sales during the Holiday season, evidently Amazon has positioned themselves to be getting a nice piece of that action.
On the other hand, if this is across the industry, it'll be a good present for the retail sector for Christmas.
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