U.S. Retail Sector Shows Signs Of Recovery
Small businesses and large retail companies alike are trying to find their footing as the pandemic continues to compound problems.
LEARN MOREAmazon Raises Cost Of Prime Membership Following Strong Q4 Earnings
The e-commerce company is raising the price of its Prime membership for the first time in four years — from $119 to $139 per year.
Amazon Raises Cost Of Prime Membership Following Strong Q4 Earnings
Kathy Willens / AP
February 4, 2022
Amazon reported Thursday that its profits nearly doubled in the final three months of last year, even as it contended with surging costs tied to a snarled supply chain and labor shortages.
The Seattle-based online behemoth also said it is raising its annual prime membership fee in the U.S. to $139 per year from $119. It's the first price hike for the Prime membership since 2018.
Shares of Amazon jumped nearly 15% in after-market trading.
Amazon is one of the few retailers that has prospered during the COVID-19 outbreak. As physical stores selling non-essential goods temporarily or permanently closed, homebound people turned to Amazon for everything from groceries to cleaning supplies.
Amazon's Chief Financial Officer Brian Olsavsky estimated Amazon incurred about $4 billion in costs related to supply-chain and labor issues. And he said that the surging Omicron variant resulted in workers calling out sick, hurting productivity.
Still, the company reported a profit of $14.32 billion, or $27.75 per share, for the three-month period ended Dec. 31. That compared with a profit of $7.22 billion, or $14.09 per share, during the year-ago period. Revenue rose 9% to $137.41 billion, the company’s fifth consecutive quarter of revenue topping $100 billion.
Amazon said that its sales are expected to be between $112 billion and $117 billion for the current quarter.
Additional reporting by The Associated Press.
20-year-old founder of 'major hacking forum' arrested
A 20-year-old was arrested for operating a online forum where hacked personal information was allegedly being sold.
2:06
Many prominent Twitter accounts could lose blue checkmarks
Blue checkmarks will still appear on Twitter, but users will now be charged $8 a month if they want to keep their check.
5:46
Are video games contributing to gambling problems?
Experts say the legalization of gambling, especially in mobile settings, is leading to a blurrier line between that and video games.
Top Stories
Biden's Justice Dept. keeps hard line in death row cases
Death penalty opponents are frustrated Biden hasn't taken any steps to fulfill his campaign promise to end capital punishment at the federal level.
Jonathan Majors arrested on assault charge in New York
The star of recently-released "Creed III" and "Ant-Man and The Wasp: Quantumania," was involved in a domestic dispute involving a 30-year-old woman.
Daylight savings dispute leaves Lebanon with two time zones
Many Lebanese have found themselves in the position of juggling work and school schedules in different time zones.
