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July 29, 2018 04:34 am

Amazon Is Finally Profitable, Earns $2.5 Billion Over the Last Three Months

An anonymous reader quotes CNN:Amazon topped $2 billion in quarterly profit for the first time in its history, an impressive run fueled by continued growth in Prime subscriptions, cloud computing and its nascent advertising business. Amazon said Thursday that it earned $2.5 billion in profit for the three months ending in June, a staggering jump from the $197 million it posted in the same period last year. It marked the third consecutive quarter that Amazon has topped $1 billion in profit, a remarkable feat for a company once known for investing so much in its business that it often lost money. "The profitability trajectory appears to be accelerating quicker than expected," Daniel Ives, an analyst with GBH Insights, wrote in an investor note Thursday. Ives called this a "potential game changer" as Amazon continues to invest heavily in fulfillment centers, new stores and pricey content deals.... Earlier this month, Amazon's market value topped $900 billion for the first time, putting it on the cusp of eclipsing Apple as the world's most valuable company. Amazon's cloud computing business, Amazon Web Services, had $6 billion in sales, while Amazon's $119-a-year "Prime" service for faster shipping now has more than 100 million users. Qwartz says the results -- which are over 12 times more than Amazon earned in the same quarter a year ago -- prove that Amazon "can make loads of money when it actually feels like it."

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