BEZOS’ AMAZON PROFIT SOARS TO A RECORD ON CLOUD
Seattle, April 29: Amazon.com’ssalesandprofit topped estimates on robust demand for quick-turnaround delivery, cloud services and gadgets like the Kindle and Echo, adding to evidence the ecommerce giant can make money even as it invests heavilyinfuturehardware,software and entertainment.
The results were a validation of Jeff Bezos’s customercentric philosophy and the Amazon Prime membership model, sending the shares up the most in almost a year Friday morning. The co-founder and CEO continues to invest to add services to the company’s $99-a-year subscription programme by delivering products in as little as an hour and creating exclusive video programming for online streaming. Amazon is also working to keepconsumersengagedwith new products like low-cost tablets and the Echo voice-activated home assistant.
The company posted its biggest-ever net income and said first-quarter sales climbed 28%, including a 64% rise at Amazon Web Services, its cloud-computing division. Investors have been watching for signs that Bezos is balancing his ambitious spending with their desire for consistent profits. Firstquarter net income was $513 million, or $1.07 a share, and revenue climbed 28% to $29.1 billion, the Seattle-based company said .