Amazon Posts $513 Million Profit, Touts Video Gains

This time last year, the retailer had posted a $57 million quarterly loss
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Amazon.com posted a first-quarter profit of $513 million on revenue of $29.1 billion, compared to $22.7 billion in revenue and a loss of $57 million during the same quarter in 2015.

“Amazon devices are the top selling products on Amazon, and customers purchased more than twice as many Fire tablets than first quarter last year,” said Jeff Bezos, founder and CEO of Amazon.com, in a statement. “Earlier this week, the $39 Fire TV Stick became the first product ever — from any manufacturer — to pass 100,000 customer reviews, including over 62,000 five-star reviews, also more than any other product ever sold on Amazon.

“Echo too is off to an incredible start, and we can’t yet manage to keep it in stock despite all efforts. We’re building premium products at non-premium prices, and we’re thrilled so many customers are responding to our approach.”

Read more at B&C.

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