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.

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