Amazon publishes record profits, Bezos moves to third on Forbes list

Amazon achieved best-ever quarterly profits of 857 million dollars, up from 92 million dollars for the same period last year, the online giant said in a press release Thursday.

It is the fifth quarter in a row that the company has been in the black - a first since 2012.

Revenue from Amazon's booming cloud-hosting division, Amazon Web Services, increased by 58 per cent to 2.86 billion dollars, thanks in part to an expansion into India.

North American operating profits also improved year-on-year from 348 million dollars to 702 million dollars in the second quarter.

With the resulting two per cent increase in share price in after-hours trading, Amazon CEO Jeff Bezos moved to being the third- richest person in the world, with an estimated personal wealth of 65.3 billion dollars, according to Forbes magazine.

"It's been a busy few months for Amazon around the world, and particularly in India," Bezos said in the press release.

Last update: Fri, 29/07/2016 - 06:43
Author: 

More from Business

IMF raises China growth forecast, but warns of sharper slowdown

China's economy will expand by 6.5 per cent this year, the International Monetary Fund said on Monday, as it warned...

Trump's warning to German carmakers hits shares

Shares in German carmakers tumbled on Monday after incoming US president Donald Trump threatened the industry with...

Report: Ex-Volkswagen head knew about scandal two months before

Former Volkswagen chief executive Martin Winterkorn knew about the company's emissions scandal two months earlier...

Takata to pay 1-billion-dollar criminal fine over defective airbags

Beleaguered Japanese car-parts supplier Takata has agreed to pay a criminal penalty of 1 billion dollars, and three...

India's SpiceJet to buy 205 Boeing jets in 22-billion-dollar deal

Indian budget airline SpiceJet will purchase 205 planes worth 22 billion dollars from US manufacturer Boeing, one of...