The stock is up five hundred bucks.
From GeekWire:
Amazon posted profits of $14.3 billion, nearly doubling year-over year despite heavy spending in the holiday quarter, thanks largely to a gain of $11.8 billion in the value of its stake in Rivian Automotive following the electric vehicle maker’s initial public offering.
The company also announced a $20 increase in its annual Prime membership fee, to $139 from $119 previously.
Amazon’s operating income, which did not reflect the increased value of the Rivian stake, was cut nearly in half, to $3.5 billion, from $6.9 billion the fourth quarter of last year, providing a more telling view of the state of the company’s business.
“As expected over the holidays, we saw higher costs driven by labor supply shortages and inflationary pressures, and these issues persisted into the first quarter due to Omicron,” Amazon CEO Andy Jassy said in the company’s earnings release. “Despite these short-term challenges, we continue to feel optimistic and excited about the business as we emerge from the pandemic.”
Net sales rose 9% to $137.4 billion, missing Wall Street’s expectations of $137.6 billion due to unfavorable impact of foreign exchange rates. Earnings per share were $27.75, eclipsing the expected $3.70 per share thanks to the boost from Amazon’s Rivian investment....
....MUCH MORE
Also at GeekWire:
- Amazon raises price of Prime membership by $20 to $139/year
- A Bezos too far? Dutch city will dismantle historic bridge to make way for Amazon founder’s big yacht
$3285 up $508.09 (+18.30%)
