Home Business News Amazon records dazzling profits, boss Jeff Bezos gets richer by $12bn

Amazon records dazzling profits, boss Jeff Bezos gets richer by $12bn

27th Apr 18 2:49 pm

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Boss Jeff Bezos’s wealth soared by $12bn (£8.7bn) after Amazon more than doubled its profit and predicted strong spring results. The company’s cloud computing unit Amazon Web Services also registered strong gains.

Seattle-based Amazon has now raised the price for US Prime subscribers, added US football games and touted its cloud services for business.

Talking about Amazon’s strong Q1 growth, Rob Meakin from loyalty solutions provider Loyalty Pro, said: “Amazon Prime is the ultimate subscription service, and is a key driver for the company’s success. It now has more than 100 million members globally because shoppers value the fact that they can purchase what they want, when they want. The announcement of a price increase is unlikely to put anyone off. People are hooked on the convenience and service that they get from Prime; it’s second to none.

“It’ll be interesting to see if the price increase slows down the rate of new subscribers. But I suspect not. Current Amazon Prime subscribers are loyal to the company because it can deliver speed, efficiency and a degree of personalisation at every stage of the shopping experience. Until someone else can rival this, shoppers will continue to sign up to the service.”
Meakin, Managing Director, Loyalty Pro.

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