NEW YORK (AP) — Amazon.com Inc. cut the price of its Kindle electronic reading device to $299 on Wednesday in an effort to attract more bookworms and make the gadget a mainstream hit.
The new price is $60 below the tag the Kindle has had since May 2008. The product originally debuted at $399 in 2007.
Amazon spokeswoman Cinthia Portugal said the price cut, a classic move in electronics marketing, is not just a short-term promotion.
"We've been able to increase the volume of Kindles we're manufacturing and decrease the cost of doing so," Portugal said.
Amazon has not disclosed Kindle sales figures, and the publishing industry has said e-books account for less than 1 percent of book sales.
Stocks plummet
Traders fearful of a rupture in Europe's financial system retreated Wednesday from risky investments.
Backcountry.com's CEO
It took a snow shovel for Jill Layfield to further know that she was at the right company.
OIl prices drop
The price of oil went south of $88 a barrel Wednesday, reaching its lowest level in seven months.
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