Once upon a time, Amazon Prime customers paid $79/year to get all the benefits that come with Prime, including free 2-day shipping.
Amazon is increasing the price of annual subscriptions to its Prime membership program by 20 percent, the first increase in four years.
And Amazon continues to take bold, if somewhat controversial, steps to innovate in retail. Exact terms are not yet final and the talks are fluid, said the people, who spoke on the condition of anonymity because the negotiations were continuing. Flipkart is also negotiating a deal with Walmart which is slated to pick up a $10-12 billion stake in the homegrown e-commerce firm. Flipkart has posted billions of dollars in losses while trying to build its business.
Amazon.com has reported massive first quarter growth but there is no mention of how their Australian operation is performing. He leapfrogged Spain's Amancio Ortega - the billionaire behind the Zara fast-fashion chain - to No. 5 in the global wealth ranking.
Sales from North America jumped 46 percent to $30.73 billion from $20.99 billion past year, while worldwide sales rose 34 percent to $29.58 billion.
Net income was $1.6 billion in the first quarter, or $3.27 per diluted share, compared with net income of $724 million, or $1.48 per diluted share, in first quarter 2017.
Wall Street momentarily sat gap-jawed at the results.
He has also claimed it is ripping off the US Postal Service which, he alleges, loses an average $1.50 for each package it delivers for Amazon. Revenue was up 43 percent compared to the period a year ago.
The Seattle company reported net income was $660.1 million (47 cents per share) during the quarter. Guidance provided by Amazon for Q2 was between $51 billion and $54 billion.
It added that it expects profit and revenue to grow in the second quarter.