Apr 26, 2018

Amazon sales surge doubles profits

Amazon has reported a 43% surge in revenues for the first quarter, fuelled by online shopping in the US. The internet retail giant said sales rose to $51bn in the three months to March, surpassing analysts' forecasts. Amazon also said that its profit more than doubled, sending its share price to new high in after-hours trading on the New York Stock Exchange. The company has recently been targeted by US President Donald Trump, who claims Amazon does not pay enough tax. Amazon reported that sales from its North American business rose to $30.7bn compared to $20.9bn in the first quarter last year. Its also said that Amazon Web Services, which hosts a cloud computing platform that is used by a number of major companies, also performed well in the quarter.

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