REUTERS: Amazon.com Inc plans to deliver packages to members of its loyalty club Prime in just one day, instead of two days, part of a spending ramp-up that might curb future profits after a blockbuster first quarter.
Second-quarter operating income will be as much as US$3.6 billion, but analysts had been expecting US$4.2 billion, according to FactSet.Chief Financial Officer Brian Olsavsky said Amazon was still reaping rewards from prior years of hiring and investments in warehouses and other infrastructure. The news marks a familiar refrain for the world's largest online retailer. For years, Amazon has made expensive bets on new technology and programs, like its US$13.7 billion purchase of Whole Foods Market in 2017 to become a player in the U.S. grocery business.
Meanwhile, Amazon's cloud unit kept growing as more enterprises moved data and computing operations to the technology company's servers. Sales for Amazon Web Services rose 41 percent to US$7.7 billion in the first quarter.Some analysts noted that these growth figures, while impressive, were lower than what Amazon had posted in prior quarters.
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