Amazon also said its Prime subscription service has more than 150 million paying members — up from about 100 million in 2018.
Amazon.com Inc. dispelled concern about the cost of next-day delivery by reporting holiday-quarter revenue and profit that crushed Wall Street estimates. The stock surged 12% in after-hours trading Thursday on the news.
Amazon is spending to fend off rivals in several key parts of its business. In e-commerce, the company is rolling out one-day delivery, up from its previous two-day offering, to fight intensified competition from Walmart Inc. and other retailers. The Amazon Web Services cloud business is building new data centers and hiring engineers in response to steady gains by Microsoft Corp. and a renewed customer push from Alphabet Inc.’s Google.
Shares jumped to a high of $2,133.75 in extended trading, putting the company on course for a $1-trillion valuation Friday. The stock closed at $1,870.68 a share Thursday before the company posted its quarterly results. It had climbed about 12% in the past year, lagging behind tech industry peers.
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