Amazon - Big profits coming

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Amazon also said it will hike its Prime membership fee 20 percent to $119 (roughly Rs. 7,900) a year for new members beginning May 11.

Amazon said the price on Prime will go up on May 11 for new members, and starting June 16 for renewals of membership for existing members. There are more than 100 million paid Prime subscription members globally, Amazon CEO Jeff Bezos said earlier this month. Olsavsky added that the company had been experiencing "rises in cost" for providing some of the perks Prime offers like shorter shipping times and access to video streaming. The online retailer recently disclosed for the first time that it has more than 100 million Prime members worldwide.

Amazon's march in retail and cloud computing showed no sign of slowing on Thursday, as the company reported a surge in first-quarter profit and a rosy outlook for the spring, surprising all but the most optimistic on Wall Street.

Amazon hasn't raised the annual fee since 2014, but it did raise the rate for customers who pay monthly from $10.99 to $12.99 earlier this year.

But as with Facebook's users, Amazon's customers have apparently not been swayed by criticism of politicians, though many of Mr. Trump's attacks happened after the end of the quarter.

Analysts on average were expecting US$1.26 per share, according to Reuters.

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The price increase was announced earlier today by Amazon's chief financial officer.

The Prime membership program has been an important cornerstone of Amazon's flagship retail business. In the previous quarter, which included the busy holiday shopping season, it had a profit of more than $1.8 billion.

Amazon (AMZN) delivered a monster first quarter earnings report, sending the stock soaring after hours to a record high.

For years, Amazon alternated between anemic profits and steep losses as it reinvested earnings back into growing the business.

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. In addition, Prime is also available for $13 per month, and Prime Instant Video is available as a standalone service for $9 per month.

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