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Shopping Moves Online: Amazon Stock Hits High, Up 24% This Year

E-commerce giant Amazon has managed to shake off earlier concerns about slowing sales growth, after seeing its shares hit an all-time high today.

The stock closed at $1,266 per share, up 24% so far this year.

Sales of Kindle books and DVD of The Grand Tour and The Grand Tour while Amazon Prime membership grew by 26% and two-hour Prime Now delivery was introduced in 10 new cities.

Amazon Prime has 14 million paying subscribers in the UK. The subscription, which allows for free 2-day delivery on orders of £49 or more, cost £79 in the US. It is expected that 7.8 million UK adults aged 18 to 34 subscribe to Amazon Prime.

Amazon has also extended the Free Super Saver Shipping option for more deliveries, including 5pm deliveries on orders over £20.

Amazon Cloud Drive now provides 50GB free storage space – three times the amount for its closest competitor. The company says that 97% of eligible photos are captured on a Fire smartphone and its Fire tablets, with the majority stored on Amazon’s Cloud Drive.

Some 85% of Wi-Fi routers in the UK ship from Amazon, according to the retailer, including the Mambo, AirDeos and Atmaro range. The company also stocks books from Harrods.

In May, sales increased by 20%, slightly faster than the 15% growth seen in the previous quarter, according to Amazon.

The Seattle-based company reported $37.4 billion in sales for the three months ending May 31, up from $31.5 billion during the same period a year earlier. This time last year, Amazon booked sales of $27.5 billion.

“We’re enjoying the very best growth in our e-commerce business, with unit growth north of 20% for the sixth quarter in a row and revenue growing faster than units,” said Jeff Bezos, founder and CEO of Amazon.

Amazon Web Services [Amazon’s cloud platform] now serves as the largest infrastructure cloud for the world’s internet companies, helping them solve for scale, reliability, security, and latency in production environments. We believe we’re well-positioned to continue benefiting from the digital transformation of our economy and are excited to be investing aggressively to capture the enormous opportunities that lie ahead.

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