Amazon reports nearly $2 billion in profit

By | February 3, 2018

Its numbers had some people doing a double take, after earnings per share came in at $3.75, more than double the $1.85 that analysts surveyed by Yahoo Finance were estimating.

Net income was $1.9 billion for the quarter. For the full 2017 year, it was $3 billion.
This was partly due to a tax cut that benefited Amazon to the tune of $789 million.

Net sales grew to a massive $60.5 billion, up 38% from the prior year. Analysts had been expecting $59.83 billion.

Amazon Web Services, the cloud services business, accounted for $5.1 billion in revenue for the quarter. This is up from $3.5 billion in same timeframe the previous year.

The stock ticked up 3% in initial after-hours trading.

“Our 2017 projections for Alexa were very optimistic, and we far exceeded them” said Jeff Bezos, Amazon founder and CEO, in a statement.

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