Amazon Posts $513 Million Profit, Touts Video Gains - Broadcasting & Cable

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 April 28 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.”

During the quarter, Amazon introduced a new Kindle e-reader, as well as its voice-controlled Amazon Echo Dot device, and announced free same-day delivery for its Prime members in 11 new metro areas.

On the video front, Amazon announced that its Amazon Studios division had acquired the rights to Woody Allen’s Café Society, Whit Stillman’s Love & Friendship, and more, with the acquisitions all slated to be available on Prime Video after their theatrical runs. The company also announced that its second original live-action children’s series, Just Add Magic, was its most successful Amazon Original Kids series to date.

During the quarter, Amazon also launched Style Code Live, its first live, daily show, streaming for free online.

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