Amazon stock jumps more than 8% after earnings beat estimates
Amazon.com Inc. defied its own disappointing forecast and returned to earnings growth in the holiday quarter with more than $3 billion in profit, sending shares soaring toward a $1 trillion valuation in the extended session Thursday.
Amazon Chief Executive Jeff Bezos disclosed in Thursday’s announcement that Prime members had topped 150 million in the quarter, as delivery times were cut in half and free, two-hour grocery delivery was added to the benefits of the membership program. Bezos originally disclosed that Prime — which costs $119 a year or $12.999 a month — had surpassed 100 million members less than two years ago.
The changes to Prime did increase costs for Amazon, which reported record worldwide spending costs for a quarter of $12.88 billion. Amazon had never previously cracked $10 billion in worldwide shipping costs in a single quarter.
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