Amazon sees another successful quarter with billion-pound profits

Amazon has revealed its fourth successful quarter of record profits.

Despite the brand’s revenue growth slowing - sales rose 17 per cent to around $59bn - the retailer’s net profit has more than doubled. It currently stands at £2.76bn.

Amazon is expecting its sales growth to fall between 13 and 20 per cent for the next three months.

Furthermore, sales for Amazon Web Services rose 41 per cent to around £5.4bn in the three-month period to the end of March 2019.

George Salmon, an analyst at Hargreaves Lansdown, said: “The benefits of cloud computing are clear for the user, and with profits up 59 per cent this quarter, so are the advantages for Amazon.

“While the cost of building the data-driven infrastructure to support the cloud systems is vast, the fact it requires such deep pockets actually works in Amazon’s favour.

“It’s difficult to see how a new challenger can wrestle business away from the likes of Amazon, Google, and the latest member of the $1tn club, Microsoft.”

Microsoft has seen its stock market value top $1tn after reporting better-than-expected sales and profits.

Amazon passed the mark briefly yesterday (April 25), before its share price fell back.