Jeff Bezos is $13 billion richer after Amazon delivered strong holiday sales
... [+]Amazon’s Jeff Bezos has further cemented his position as the world’s richest person after the e-commerce giant reported a strong holiday quarter.
Amazon’s strong quarter was driven by record holiday sales, likely bolstered by last-minute shoppers who took advantage of the company’s new free, one-day shipping. Amazon has been investing heavily in logistics after promising last year that it would make one-day shipping the new normal for Amazon Prime members, rather than the two-day shipping that it has long offered. In the fourth quarter alone, it planned to spend $1.5 billion on the initiative.
During the quarter, net income jumped to $3.3 billion, or $6.47 per share, up from $3 billion, or $6.04 per share, a year earlier. That was leaps and bounds above the $4.04 per share that Wall Street analysts were looking for. Revenue increased 21% to $87.4 billion, beating analyst estimates of $86.01 billion.
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