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| Amazon boss becomes world's third richest | |
| (about 7 hours later) | |
| Strong earnings from Amazon and a boost to the company's stock have made its founder, Jeff Bezos, the world's third richest person, according to Forbes. | |
| Mr Bezos owns 18% of Amazon's shares, which rose 2% in trading on Thursday. Forbes estimated his fortune to be $65.3bn (£49.5bn). | |
| Amazon's revenue beat analysts' expectations, climbing 31% from last year to $30.4bn in the second quarter. | Amazon's revenue beat analysts' expectations, climbing 31% from last year to $30.4bn in the second quarter. |
| Profit for the e-commerce giant was $857m, compared with $92m in 2015. | Profit for the e-commerce giant was $857m, compared with $92m in 2015. |
| According to Forbes estimates, Mr Bezos's fortune is only surpassed by Microsoft founder Bill Gates, worth $78bn (£59bn), and the $73.1bn (£55bn) fortune of Zara founder Amancio Ortega. | |
| Amazon had developed a reputation for announcing little or no profit each quarter, but appeared to hit a turning point last year and has seen improving earnings since. | Amazon had developed a reputation for announcing little or no profit each quarter, but appeared to hit a turning point last year and has seen improving earnings since. |
| Amazon shares have spiked 50% since February. | Amazon shares have spiked 50% since February. |
| Amazon's Prime membership, which offers extra services including free shipping for an annual fee, saw impressive international growth. | Amazon's Prime membership, which offers extra services including free shipping for an annual fee, saw impressive international growth. |
| In June, Amazon launched Prime in India to take advantage of the country's large consumer market. | In June, Amazon launched Prime in India to take advantage of the country's large consumer market. |
| "It's been a busy few months for Amazon around the world, and particularly in India - where we launched a new [Amazon Web Services] 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," said Mr Bezos. | "It's been a busy few months for Amazon around the world, and particularly in India - where we launched a new [Amazon Web Services] 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," said Mr Bezos. |
| Amazon has boosted Prime membership by improving its video streaming offerings, an area in which it competes with Netflix. | Amazon has boosted Prime membership by improving its video streaming offerings, an area in which it competes with Netflix. |
| Prime Day, Amazon's annual promotional shopping festival earlier this month, was the company's largest ever sales day. | Prime Day, Amazon's annual promotional shopping festival earlier this month, was the company's largest ever sales day. |
| Amazon does not release figures for its Prime membership, but Consumer Intelligence Research Partners estimated US membership to be close to 63 million. Members spend an average of $1,200 a year, compared with $500 by non-members, according to the research firm. | Amazon does not release figures for its Prime membership, but Consumer Intelligence Research Partners estimated US membership to be close to 63 million. Members spend an average of $1,200 a year, compared with $500 by non-members, according to the research firm. |
| Cloud services | Cloud services |
| Amazon's cloud computing unit also spiked. Revenue for Amazon Web Services (AWS), climbed 58.2% to $2.89bn, beating analysts' exceptions of $2.83bn. | Amazon's cloud computing unit also spiked. Revenue for Amazon Web Services (AWS), climbed 58.2% to $2.89bn, beating analysts' exceptions of $2.83bn. |
| Sales growth for the unit in North America climbed 10% and 8% in the rest of the world. | Sales growth for the unit in North America climbed 10% and 8% in the rest of the world. |
| Amazon has grown its market share in cloud computing compared with rivals such as Microsoft and Google. | Amazon has grown its market share in cloud computing compared with rivals such as Microsoft and Google. |
| It introduced a new Asia Pacific region for its cloud unit this quarter. | It introduced a new Asia Pacific region for its cloud unit this quarter. |
| Amazon has also been looking to expand its presence in other areas. The company has now launched its online grocery store in the UK. | Amazon has also been looking to expand its presence in other areas. The company has now launched its online grocery store in the UK. |
| Earlier this month, it announced a partnership with US bank Wells Fargo to offer discounts on student loans for members of its Prime Student services. | Earlier this month, it announced a partnership with US bank Wells Fargo to offer discounts on student loans for members of its Prime Student services. |