Arab Today, arab today amazon delivers big profit boost but misses forecast
Last Updated : GMT 08:52:09
Arab Today, arab today
Arab Today, arab today

Amazon delivers big profit boost, but misses forecast

Arab Today, arab today

Arab Today, arab today Amazon delivers big profit boost, but misses forecast

US online giant Amazon
San Francisco - AFP

US online giant Amazon on Thursday reported a doubling of profits in the past quarter, lifted by its membership service and video, but the results fell short of Wall Street forecasts.

Amazon shares slid 11 percent in after-hours trade on the results, which showed a fourth-quarter profit of $482 million, up from a $214 million profit a year earlier.

The results marked the third consecutive quarterly profit for the company, which is a heavyweight in online retail as well as cloud computing, and more recently streaming video.

Overall revenue jumped 22 percent from a year ago to $35.7 billion.

Amazon, which earned a reputation for making little or no profit as it gained market share, managed an annual profit for 2015 of $596 million.

Revenues were up 20 percent for the year, at $107 billion.

"Twenty years ago, I was driving the packages to the post office myself and hoping we might one day afford a forklift," said chief executive Jeff Bezos, who founded the company in 1994.

"This year, we pass $100 billion in annual sales and serve 300 million customers. And still, measured by the dynamism we see everywhere in the marketplace and by the ever-expanding opportunities we see to invent on behalf of customers, it feels every bit like Day One."

 

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