Annual Amazon Prime Membership Cost Rises To $119

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Inc. reminded investors on Thursday that scraping by selling things online was just the beginning.

That is quite a list of spending priorities, and it shows in Amazon's results. Revenues came to $51 billion, up 43 percent year-over-year.

Amazon's sales in North America grew by 46% year on year to $30.7 billion in the March quarter.

Amazon continues to invest in a wide array of areas.

Amazon reported on Thursday that its profit more than doubled in the first quarter compared to the same period previous year, surpassing analyst forecasts, as the company continued its relentless march in online retail and cloud computing.

Amazon shares rose 6 percent in after-hours trade, hitting a new all-time high, following the strong first-quarter results and the positive forward guidance.

On Thursday, Amazon revealed that the program's price for United States annual subscribers was going up from $99 to $119.The company will roll out the new fee on May 11 for new customers, and June 16for existing members.

The estimate among analysts was that Amazon's profit would shrink from the prior year. The announcement was made during Amazon's first quarter earnings call, and the price hike will be used to balance the rising cost of operations.

Wall Street was looking for earnings of $1.27 per share on revenue of $49.87 billion.

The online retail giant saw its profits for the period more than double from $724m to $1.6bn.

Amazon turned in a blockbuster quarter on Thursday, providing plenty of evidence that it's taking market share against its rivals even as it announced a price increase for admission to its expanding ecosystem.

Amazon Prime will become more expensive on the USA on May 11.

Success is "the best revenge that Bezos can get against the administration for its veiled threats about sales taxes and not paying its fair share", said Wedbush Securities analyst Michael Pachter told Reuters on Wednesday. Google started out in the highly profitable digital advertising business.

Operating profit increased as well, from $890 million a year ago to $1.4 billion in the first quarter of 2018.

Amazon also reported sales from its online stores rose 18% from the same time past year to $26.94 billion.

The Seattle-based firm spotlighted the juggernaut growth of its Amazon Web Services (AWS) division, which hosts services and content that companies in the internet cloud. It's the second straight quarter of accelerating growth for the profitable unit.

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