Confident Amazon turns to India as it smashes earnings predictions
Online retailer Amazon has surprised on the upside after posting a 23 per cent year-on-year rise in revenues in its latest quarter to $35.71bn, beating consensus forecasts of a figure around the $35.3bn mark.
The news sent Amazon’s share price surging by five per cent as investors digested the news that the company hadn’t just beaten earnings expectations but smashed them after reporting $1.48 per share as opposed to the $1.12 which had been expected.
In pursuit of further growth, Amazon is now turning its sights east in pursuit of large untapped markets.
Revealing the figures, chief executiveJeff Bezos said: “Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capacity for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi.”
It wasn’t all good news however as Amazon reported a 6 per cent drop in operating income for to $1bn over the period.
Amazon's ever growing ambitions saw it launch an AI powered camera only yesterday which is capable of giving fashion advice to anyone coming within its gaze.