The Amazon Prime membership program now has over 150 million paying clients worldwide. The stock price jumped more than 10 percent on the Prime news.
In April 2018, Amazon CEO Jeff Bezos announced that Prime had surpassed 100 million paying members. Following a spike in prime membership fees between $99 and $119 a few years ago.
In a Statement Ceo Jeff Bezos Said:
“We’ve made Prime delivery faster, the number of items delivered to U.S. customers with Prime’s free one-day and same-day delivery more than quadrupled this quarter compared to last year,”
“Members now have free two-hour grocery delivery from Amazon Fresh and Whole Foods Market in more than 2,000 U.S. cities and towns.”
“Prime members have also watched twice as much movies and TV shows on Prime Video than last year.”
Amazon Prime members will be charged for an annual fee of $119/year in the US. Including the shipping and entertainment program offers, including one-day shipping on millions of products, free grocery delivery, and access to a large online library of movies and TV shows.
The company’s earnings report shows. It also recorded $87.4 billion in revenue, which is a whopping 21 % increase over the same time last year. Company profits also increased by 8 % to $3.3 billion during the holidays. Amazon’s earnings boasts by over 50 %, causing its price to surge by over 13 % after closing.
Amazon Web Services (AWS), which is one of its biggest money-makers, has also slowed. According to reports, AWS has an estimated growth of 32 %, which is fairly weak in comparison to previous years.
In addition, Amazon is also facing more regulatory scrutiny globally with ongoing governmental investigations on business practices in the USA, Europe and India, which is one of its most important international markets for future growth.