Jeff Bezos just added another $6.7 billion to his already massive fortune

Jeannie Matthews
February 3, 2018

In the most recent quarter, Amazon's results were bolstered by the USA tax cut, which added about $790 million to its profit in accounting terms. "We don't see positive amazements of this size regularly - anticipate that us will twofold down", Bezos said.

Our 2017 projections for Alexa were very optimistic, and we far exceeded them.

Amazon has long plowed most of the money it makes to build products, roll out services and construct warehouses, but it is no longer racking up a string of losses.

The company's revenue has been growing at a scorching pace as shopping has moved online and businesses are shifting their computing operations to the cloud, where Amazon Web Services (AWS) leads the market.

The Seattle-based company's profit reached $1.9 billion during the fourth quarter, which included the annual holiday shopping boom, almost doubling its year-end profits from 2016.

The company said that the Alexa Skills store offers over 30,000 skills, including tools for gamers, and that customers can use Alexa to control more than 4,000 devices.

The company, with 28,000 people now working in the United Kingdom, said tens of thousands of British small firms selling through its Amazon Marketplace achieved export sales of £2.3bn past year. Prime saw more than 4 million sign-ups in one week alone last quarter, and revenue from subscription fees grew 49 per cent to $3.2 billion.

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Amazon said it expects net sales between $47.75 billion and $50.75 billion in the first quarter of 2018 as well as operating income between $300 million and $1 billion.

Analyst Neil Saunders, managing director of GlobalData Retail, commented that while Amazon has grown sharply, it is still nowhere near its potential. "And there is Whole Foods, where some progress has been made - but which has yet to feel the full force of Amazon's innovative approach". But as Brian Olsavsky, Amazon's chief financial officer, told the media, the company remains in "heavy investment mode". "As much as this maximizes growth opportunities, it also comes with two inherent dangers. The second is a backlash from consumers who could become concerned about Amazon's power".

However, Bezos did say that Amazon sold "tens of millions" of Echo devices in 2017.

Amazon included long list of annual highlights with its four quarter results.

Other attributes that boosted Amazon's record year includes a surge in Prime membership, and how its Fire TV Stick and the Echo Dot were its best-selling products.

The latest Economic Survey sees India's ecommerce market crossing Rs 2,117 billion in this fiscal.

For the entire year, Amazon had $177.9 billion in deals, up 31 percent from the earlier year's $136 billion. AWS also generated $1.3 billion in operating income, accounting for 64% of Amazon's total Q4 operating income.

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