The company reported net revenue of $87.4 billion, an increase of 21% since last year. The company’s stock price is rising quickly following the earnings report, helping its market cap go over $1 trillion.
Amazon has seen a 21.6% growth in net sales in North America, bringing its revenue up to $53.67 billion. The company also reported a 34% increase in revenue year-over-year for Amazon Web Services, bringing the revenue up to $9.95 billion.
Amazon’s shipping costs, however, increased during the quarter, going up 43% YoY to $12.9 billion. “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,” said Amazon founder Jeff Bezos.
Bezos also noted that more people have signed up for Amazon Prime this quarter than ever before, with Amazon Prime now having more than 150 million paid Prime subscribers around the world. He also highlighted Amazon Originals for Amazon Prime Video receiving a record 88 nominations and 26 wins at major award shows this year.