Amazon Profits Double For First Quarter of 2018

Amazon shares rose by nearly 8% in trading after hours on April 26, 2018, following the announcement of a surprising profit increase for the first quarter of 2018. The internet trading giant saw its profits more than double and revenue rise by 43%, largely due to increased purchases in the US and growth in advertising and cloud computing.

AMZN Quarterly Statement

The surge in Amazon’s share price brought it to its highest ever level at $1,626.56. Over the past year, the company has performed remarkably, with the share price increasing by 67%. Investors were pleased with an increase of $3.27 per share, compared to $1.48 for the previous year.

It is likely that Amazon founder Jeff Bezos is even happier with the performance of his shares. He is already the richest man in the world, and this rise in share price added an extra $12 billion, taking his wealth up to $134 billion. Bezos also privately owns the Washington Post newspaper. His Amazon business has been targeted by President Donald Trump in recent weeks, with claims that Amazon does not pay enough tax and that the company is cheating the US Postal Service out of about $1.50 for every package delivered.

Increased Sales

Amazon announced that sales for the first quarter of 2018 rose to $51 billion, which was significantly higher than analysts’ forecasts. During this period, the company’s net profits increased to $1.6 billion, compared to $724 million for the same period in 2017.

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