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> > Amazon reports nine-fold surge in profits in Q2, bets on India for growth

Amazon reports nine-fold surge in profits in Q2, bets on India for growth

Amazon’s profits surged nine-fold to $857 million and CEO Jeff Bezos singles out India for its growth. Amazon recently announced Prime Video coming to India soon, offering Prime members in India exclusive access to Amazon Original Series and Movies -- including original content featuring top Indian creators and talent.

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Amazon reported a surge in its profit in the second quarter by nine-fold to $857 million, and CEO Jeff Bezos singled out India for its achievements saying, “It’s been a busy few months for Amazon around the world, and particularly in India — where we launched a new AWS region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies — including original content featuring top Indian creators and talent.”

“The team in India is inventing at a torrid pace, and we’re very grateful to our Indian customers for their welcoming response,” he added.

Amazon’s revenues jumped 31% to $30.4 billion, Amazon said in stronger-than-expected results. While Amazon developed a reputation for delivering little or no profit in its retail operations, its earnings have been growing over the past year as it expands into video and new delivery services and boosts its cloud computing unit, Amazon Web Services (AWS).

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The strong profit came a year after earnings of $92 million which began a string of improvements for Amazon. Amazon shares rose 1.5% in after-hours trade.

The company has also been building loyalty with its Amazon Prime subscription service, which provides access to its online video and music as well as fast delivery for most items. Amazon has also been expanding globally, notably to India.

Amazon has offered few details on its Prime subscriber base or the number of its Fire brand devices sold.