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Amazon Posts Largest Profit in Its History
Amazon Posts Largest Profit in Its History

Amazon Posts Largest Profit in Its History

Amazon Posts Largest Profit in Its History

Amazon.com Inc has reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to US tax law added to its bottom line.
Shares rose more than 6% in extended trading, after previously closing down 4% on the Nasdaq, Reuters reported.
Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too.
The world’s largest online retailer said net income more than doubled to $1.86 billion, or $3.75 per share in the fourth quarter ended Dec. 31. Its profit received a provisional $789 million boost from the US Republican tax bill passed in December. Analysts on average were expecting just $1.85 per share, according to Thomson Reuters.
“This was another blow-out quarter for Amazon,” said GBH Insights analyst Daniel Ives. “The retail strength was eye-popping as the company had a banner holiday season and looked to capture roughly 50% of all e-commerce holiday season sales.”

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