According to a Bloomberg report, Amazon is building a smartphone to reduce the current domination of iPhone and Android in the world of smartphones. It will be a big break through and if Amazon gets success, the monopoly of iPhone and Android smartphones might be over (seems very difficult). Amazon has already wrapped up the tablet market with Kindle Fire last year.
With the collaboration of Foxconn (Asian factories where it manufactures Apple gadgets), Amazon is building the hardware, cloud computing and e-commerce juggernaut of the upcoming smartphone. The specifications and features of the smartphone are not revealed yet. But, one must expect a good smartphone product.