Amazon reports 43% rise in Q1 sales

Amazon UK job cuts

Shares in Amazon rose in after-hours trading after it reported an all-star 43 per cent rise in first quarter sales to USD 51 billion (£36.65 billion).

Amazon shares rose by as much as seven per cent and to a record high after the online retailing giant said profits for the period had more than doubled from USD 724 million (£520 million) to USD 1.6 billion (£1.15 billion).

Net sales in its biggest market of North America were the most impressive, up 46 per cent to USD 30.7 billion (£22 million).

International revenues rose by 34 per cent to USD 14.9 billion (£10.71 billion) although the retailer continues to be loss-making overseas.

The results come after Amazon revealed membership of Amazon Prime, its loyalty club that offers benefits including faster delivery and video streaming services, had risen to more than 100 million.

As part of its trading update, Amazon revealed on May 11 it would be raising the price of its Prime membership from USD 99 (£71) to USD 119 (£85) in the US for the first time in four years.

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