Actually, one of her main points wasn't the iPad, but the Nook. Amazon dropped the price of the Kindle to match the Nook, which she thinks means they are no longer making any profit on the hardware.
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Wolk cited concerns about profit margins. She estimated that at its previous price of $259, the Kindle's margins were about 15% to 20%. At its new price of $189, she thinks Amazon.com may wind up only breaking even on each sale.
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In addition, she mentions Google Editions as being a potential threat.