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Riding high on profits, Amazon is increasing the cost of Prime

27 April 2018

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.

Amazon is raising its annual prime fee from $99 to $119 beginning May 11, the company told investors while reporting first quarter earnings Thursday.

The last time it raised the annual fee was in four years ago. Earlier this year the Prime monthly rate was increased to $12 a month from $10.99 a month.

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Amazon also reported sales from its online stores rose 18% from the same time previous year to $26.94 billion.

The research firm eMarketer said online commerce represents about 60% of Amazon's business but that it also will generate $3.37 billion in global advertising this year.

Meanwhile, Amazon is rapidly increasing its spending to license film and television programs, and commission its own, for Amazon Prime video.

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"That business continues to grow very well and has seen great customer adoption", said Brian Olsavsky, Amazon's chief financial officer, on a call with reporters.

Prime growth is the "key jewel for Amazon going forward", Ives wrote.

Amazon (AMZN) reported first-quarter earnings after the market close Thursday that topped estimates with after-hours trading suggesting a possible breakout.

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Amazon also said in its shareholder letter that there were more than 300,000 US-based SMBs selling on the site, with almost half (140,000) bringing in more than $100,000 in annual sales. AWS net sales came to $5.44 billion for the quarter and delivered operating income of $1.4 billion. As reported earlier, for the full year of 2017, Amazon's losses for worldwide business had hit about $3 billion as it aggressively spent in the India market fighting rivals like Flipkart. President Donald Trump's criticism of the company, particularly its relationship with the U.S. Postal Service, had sent the stock 13% lower in recent weeks.

Riding high on profits, Amazon is increasing the cost of Prime