Amazon posts fourth quarter of record profit

Apr 26, 2019 BBC

Amazon has posted a fourth successive quarter of record profit.

The online retailer and cloud computing provider said net profit more than doubled to $3.56bn (£2.76bn), beating analyst estimates.

Revenue growth slowed, however, in part because of weaker sales outside the US. Sales rose 17% to $59.7bn. It expects sales growth of 13% to 20% for the next three months.

And expenses growth slowed, albeit to a rate of 12.6%.

Sales for Amazon Web Services rose 41% to $7.7 billion in the three month period to the end of March.

"The benefits of cloud computing are clear for the user, and with profits up 59% this quarter, so are the advantages for Amazon," said George Salmon, an analyst at stockbroker Hargreaves Lansdown.

"While the cost of building the data-driven infrastructure to support the cloud systems is vast, the fact it requires such deep pockets actually works in Amazon's favour. It's difficult to see how a new challenger can wrestle business away from the likes of Amazon, Google, and the latest member of the $1tn club, Microsoft."

Microsoft has seen its stock market value top $1tn after reporting better-than-expected sales and profits.

The US software giant passed the mark briefly on Thursday, before its share price fell back. 

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3 billion investment post-lockdown

Jun 06, 2020 10:50 AM

Investment worth almost Rs. 3 billion has been received from home and abroad in various industries in the past one month of the lockdown period. Four domestic and 11 foreign industries in the country got investment worth Rs. 2.74 billion in the past one month, according to the Ministry of Industry, Commerce and Supplies.