Amazon says price cuts bolstering Kindle eBook sales

Online retailer Inc has said that the recent price cut to its Kindle electronic reader has spurred sales of both the device and e-books.

Amazon last month cut the price of the Kindle to ward off competition from Apple's iPad tablet and from Barnes & Noble's Nook device.

In a statement, Amazon Chief Executive Jeff Bezos called the lower price "a tipping point," and the company said it sold three times as many Kindle books in the first half of 2010 as in the first half of 2009.

While Amazon regularly touts the success of the Kindle, it has declined in the past to provide sales figures for the device or e-books, citing company policy. The company did not immediately return a request for details on sales figures.

Amazon said in a statement that in the past three months, it has sold 143 e-books on its Kindle for every 100 hardcover books sold on its website.

Earlier this month, Amazon also cut the price on its most expensive version of the Kindle electronic reader.

Amazon shares were up $1.06 in after hours trading from a closing price on Monday on the Nasdaq Stock Market of $119.94.