Amazon reported its profit doubled to $14 billion in the crucial holiday quarter, giving a boost to jittery markets that expected less due to higher labor, sourcing and delivery costs. The e-commerce colossus said its net sales climbed to $137 billion, and its profit benefited greatly from a return on investment in electric vehicle maker Rivian, which went public in Nov.
Amazon shares were up some 14 percent in after-hours trading at 2300 GMT, drawing in investors eager for some good news after shares tanked in Facebook parent Meta. Amazon has been a big pandemic-era winner but it is particularly exposed to the supply chain headaches, labor churn and inflation.—AFP
