Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too. The world's largest online retailer said net income more than doubled to $1.86 billion, or $3.75 per share in the fourth quarter ended Dec. 31. Prime saw more than 4 million sign-ups in one week alone last quarter, and revenue from subscription fees grew 49% to $3.2 billion, Amazon said. Amazon said it expects operating profit in the current quarter of between $300 million and $1 billion. Analysts estimate Amazon spent $4.5 billion or more in 2017.

Source: dna February 02, 2018 01:41 UTC