Amazon's quarterly profit more than doubles; shares soar

Amazon's quarterly profit more than doubles; shares soar

As reported earlier, for the full year of 2017, Amazon's losses for worldwide business had hit about $3 billion as it aggressively spent in the India market fighting rivals like Flipkart.

With six tweets three weeks ago, President Donald Trump threatened numerous massive gains Amazon has enjoyed throughout its 24-year history.

Ellie Mae reported Thursday that it had first-quarter earnings of $2.2 million (6 cents per share).

The company reported earnings of $1.6 billion or $3.27 a share, compared with consensus estimates of $1.27 per share. However, if you're a current Prime member whose regular renewal would fall after June 16, Amazon said you can not pay early to get the lower rate, according to tech website CNET.

Amazon shares closed Thursday up almost 4 percent to $1,517.96. But the price increase is only for US members, so it's probably closer to $1.6 billion or so.

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Amazon reported on Thursday that its profit more than doubled in the first quarter compared to the same period past year, surpassing analyst forecasts, as the company continued its relentless march in online retail and cloud computing. Prime, which offers unlimited two-day shipping and video streaming, cost $75 when it launched in 2005. That's more than double the company's Q1 2017 net income of $724m, or $1.48 per diluted share.

Spiking interest rates on U.S. Treasury bonds, driven by rising commodity prices that boosted inflation expectations, helped lift long-term mortgage rates to their highest level since August 2013. Amazon CEO Jeff Bezos - the world's richest person with a net worth of $112bn - in a statement attributed AWS' success the seven years it had to figure things out before serious competition arrived.

Amazon Web Services, the cloud platform, continued to bring in the bulk of the company's profits. In the previous quarter, which included the busy holiday shopping season, it had a profit of more than $1.8 billion.

The company announced the price hike for its membership program during a call with investors Thursday. It's the second straight quarter of accelerating growth for the profitable unit.

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