Amazon.com, Inc. (NASDAQ:AMZN) introduces Cloud Player App for iPhone, iPad
Amazon.com, Inc. (NASDAQ:AMZN) announced the release of an iOS version of its Cloud Player app for iPhone and iPod touch devices on Tuesday. Shares were marginally up 0.30% trading at $217.20.
The Cloud Player app provides access to audio files on Amazon servers either purchased from Amazon’s music store or later uploaded by customers.
The Company gained 4.19% in the last five working days after the Company had announced new Amazon Instant application for Microsoft’s (MSFT) Xbox 360. The Company’s Amazon Instant Video is one of the most requested video features.
Amazon had seen some rebounding previously in the week on a positive research note issued by analyst at Evercore partners. The online retailer had been reiterated an overweight rating by evercore partners in a research note on Monday which had pulled up the Company’s shares by 3% in the single trading day.
Company’s stock has been facing a downward trend after it had issued a lower than expected second quarter fiscal 2012 earnings guidance and a growing concern over its revenue was clearly visible on falling Kindle revenue.
The Company has tried to pull up the collapsing revenue growth by reducing the prices of its device and by providing various offers to the users including advertisement usage.
The company had reported $0.28 earnings per share for the first quarter of 2012 which outlawed the analysts’ consensus estimate of $0.07 by i.e. by $0.21. First quarter revenue was up 33.8% from the prior quarter while the current estimate for its second quarter earnings is $0.13 per share on an average.