Oct 26, 2017

Amazon and Alphabet see sales surge

Tech giants Amazon and Google's parent Alphabet have posted a surge in sales over the last three months. Shares in Alphabet jumped above $1,000 in after-hours trading after the company reported sales up 24% to $27.8bn. Amazon, the world's biggest e-commerce site, saw sales rise 34% to $43.7bn - nearly the size of Slovenia's economy last year. Despite Amazon's sales growth, the firm's profits were nearly flat as it ploughed money into tech gadgets, streaming video, data centres and warehouses to support its growing empire. Revenue in its profitable cloud services division exceeded $4.5bn, up 42%. Upmarket grocer Whole Foods, which Amazon acquired in August, brought in $1.3bn in sales in the quarter. Sales were up 35% in North America, which accounts for the bulk of Amazon's business.

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