Citigroup analyst Mark Mahaney now predicts that Amazon’s Kindle business will make up almost 10 percent of Amazon’s revenues in 2012.

Mahaney said Kindle revenues (which include eBooks and devices) were $2.5 billion last year, or 7.2 percent of Amazon’s total. He says that Kindle revenues will hit $3.8 billion this year (8 percent of projected revenues) and $6.1 billion in 2012 (9.9 percent of projected revenues).

Via TechCrunch.