Amazon stock surges to record high on monster earnings report

The union has criticised the fact that employees cannot live off Amazon salaries, while Bezos is the richest man in the world. He has a meme-worthy physique. Profits haven't always been among them.

AWS generated 73% of Amazon's $1.93 billion overall operating income.

The company has been notorious for running on a low profit margin.

US online retail giant Amazon announced Thursday that its profits for the first quarter of 2018 more than doubled with accelerated sales. Yup, Being Bezos is pretty grand. Amazon had already been on a breakneck pace this year, with its shares climbing almost 30 percent to $1,511 a share since the start of 2018.

Amazon has a reputation for spending as much money as it can get its hands on, and that reputation is deserved.

Separately, the U.S. National Football League announced that it reached a deal with Amazon to stream Thursday night games during the 2018 and 2019 seasons on Amazon's Prime Video.

That is quite a list of spending priorities, and it shows in Amazon's results.

Net sales in North America, its biggest market, jumped 46.4 per cent to US$30.73 billion in the latest quarter. For the quarter ended March 2018, the net sales from the worldwide business stood at $14.8 billion compared to about $11 billion in the same quarter previous year. Amazon gave revenue guidance in the range of $47.75 billion to $50.75 billion. That's almost double the growth rate it saw in North America in the first quarter of 2017.

But as with Facebook's users, Amazon's customers have apparently not been swayed by criticism of politicians, though many of Mr. Trump's attacks happened after the end of the quarter. In the first quarter previous year, it earned $1.48 a share.

Amazon's outlook has sparked a run on its shares. Based on a survey of 2,000 US Amazon shoppers in late 2017, Consumer Intelligence Research Partners estimated that Prime members spend an average of $1,300, generating billions in annual revenue for the company.

Additionally, at the end of the fourth quarter, the company had relatively high inventory levels and was anxious that it would incur significant costs shifting products around among its warehouses to ensure each one had optimal levels, Olsavsky said.

Bezos - the richest man in the world, according to Forbes magazine - was quoted by the German DPA news agency as saying he was "very proud of our working conditions" in response to the gathering. The company reported a jump of 29% in its global business losses at $622 million for the quarter ending March 2018 compared to $481 million for the corresponding period previous year.

Macquarie Capital's Benjamin Schachter pointed out this week that Amazon in this way is the flip side of Google parent company Alphabet Inc.

Additionally, Amazon is building new business segments, including its marketplace, Amazon Business, advertising, and hardware devices such as Echo and Kindle.

Your Prime subscriptions are a huge business as well.

  • Zachary Reyes