Business | Media and Marketing

Amazon records strong profit

Company’s shares set record

  • Reuters
  • Published: 15:09 January 30, 2013
  • Gulf News

San Francisco: Amazon.com Inc shares hit a record on Tuesday after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.

The Seattle-based company said operating income jumped 56 per cent to $405 million (Dh1.48 billion) in the fourth quarter, compared with $260 million in the fourth quarter of 2011. The world’s largest internet retailer said that its cloud computing services, video content sales and its aggressive expansion in e-books helped increase profitability. Amazon’s stock climbed 9 per cent to $284 in after-hours trading and touched $288 earlier in the session. It hit a record of $284.72 in regular trading on January 25.

Gulf News
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Dubai’s hotel boom has designer labels

  2. Up for sale: Dh4,045m for a Gherkin

  3. Full steam ahead for the Gulf’s rail network

  4. Barclays net falls as investment income sags

  5. Russians’ alarm grows over Putin tactics