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Amazon shares surge on strong earnings update
SAN FRANCISCO, Jan 31, 2020 (BSS/AFP) – Amazon shares shot higher Thursday after the internet colossus released quarterly earnings figures for the holiday quarter that trounced market expectations.
Profit in the final three months of last year rose eight percent from a year ago to $3.3 billion as revenue as net sales grew 21 percent to $87.4 billion, according to the Seattle-based firm.
A record number of people signed up in the quarter for an Amazon Prime service that provides perks from one-day deliver to streaming television and music, according to Amazon chief executive Jeff Bezos.
“We now have over 150 million paid Prime members around the world,” said Bezos.
Shares in Amazon surged 12 percent in after-hours trade after the better-than-expected report, a jump likely to lift the value of the tech giant to over $1 trillion.
BSS/AFP/MMA/0940HRS