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Amazon posts strong quarterly results

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Amazon has achieved strong quarterly results with net sales up by 17% to $59.7bn, helped by subscription products such as Prime and cloud services.

The biggest area of growth was Amazon’s Web Services which netted sales of $7.7bn up by 41%. Operating incomes came in at $2.2bn and net income increased to $3.6bn in the first quarter of 2019.

Subscription services delivered the largest hike at $4.3bn in net sales, up 40% compared to $3.1bn last year. Physical store businesses only increased 1% by $4.3bn.

Jeff Bezos, chief executive of Amazon said, “Our passion for invention led us to create Amazon Future Engineer so we could help young people like Leo from underrepresented groups and underserved communities across the country.

“In addition to 100 college scholarships a year, we’re funding computer science classes in 1,000 high schools and counting, and inspiring younger kids to explore coding through coding camps and after-school programmes.

“We love this programme, and we can’t wait to see what Leo and his fellow future engineers invent.”




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