Amazon juggernaut keeps on rolling as it doubles its profit

Amazon Increases Prime Membership Price In US To $119 From $99

Revenue from Amazon's "other" category, which includes advertising sales, more than doubled to $2 billion in the first quarter.

With six tweets three weeks ago, President Donald Trump threatened numerous massive gains Amazon has enjoyed throughout its 24-year history. Its shares trade at a premium to many peers. Revenue from subscriptions, which primarily means Amazon Prime, were also up 56 percent from a year earlier, with revenue of $3.1 billion reported.

Shares of Amazon rallied in after-hours trading, putting the stock near its all-time high of $1,617. The agency criticized the company for creating unsafe work conditions that led to seven "preventable deaths" while also requesting billions in tax breaks for a new headquarters, in addition to $1 billion it already received from state and local taxpayers. The company reported a jump of 29% in its worldwide business losses at $622 million for the quarter ending March 2018 compared to $481 million for the corresponding period previous year. The company plans to spend more on video content this year. During an investor's call, Amazon CFO Brian Olsavsky said the paid subscription service was costing the company more to run. The same period from past year had $1.48 in EPS on $35.71 billion in revenue.

Amazon Web Services, the company's cloud computing business, now has a $20 billion annual revenue run rate, Bezos wrote in the same letter. (Netflix, for comparison, has 125 million subscribers worldwide.) The video product, which can also be bought separately from Amazon Prime, is expected to have around 90.3 million viewers in the US this year, per a report from eMarketer.

The Seattle-based company reported net income of $1.63 billion, or $3.27 per share, in the three months ending March 31. It's the second straight quarter of accelerating growth for the profitable unit.

Trump's anger is widely seen as stemming from his personal feelings toward Amazon's CEO, who owns The Washington Post, often a tough critic of the president.

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