Amazon posts largest profit in its history

Resham Gupta
Last Updated: Feb 03 2018 17:34

TECHNOLOGY- Online retailer Amazon has reported a profit of near $2 billion on Thursday, the largest in its history, helped by growth in its Prime delivery service.

The company said more than five billion items were sent using its Prime shipping service worldwide in 2017.

“This was another blow-out quarter for Amazon,” said GBH Insights analyst Daniel Ives. “The retail strength was eye-popping as the company had a banner holiday season and looked to capture roughly 50% of all e-commerce holiday season sales.”

“Our 2017 projections for Alexa were very optimistic, and we far exceeded them,” added Jeff Bezos, Amazon’s founder and chief executive, in a statement. “We don’t see positive surprises of this magnitude very often — expect us to double down.”