Amazon Posts Largest Profit in its History on Sales, Tax Boost
Amazon.com Inc on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to U.S. tax law added to its bottom line.
Shares rose more than 6 percent in extended trading, after previously closing down 4 percent on the Nasdaq.
Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too.
The world's largest online retailer said net income more than doubled to $1.86 billion, or $...