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A new survey by the investment banking firm concluded that each Kindle Fire generates well over $100 in additional income, which more than makes up for the $2 to $3 Amazon reportedly loses on each sale.

According to Sandler’s survey, 80 percent of Fire owners have purchased e-books, and 58 percent of those bought more than three of them within the first 60 days of ownership. Sandler figures that means the typical Fire owner will buy five e-books per quarter, generating about $15 net per quarter for Amazon (assuming an e-book ASP of $10).