The web's biggest retailer is getting even larger.
Amazon.com reported a 22-per-cent growth in first quarter revenue
Thursday to 16.1 billion dollars.
But the growth came at the expense of profits which dipped 37 per cent to 82 million dollars as the web retail giant cut prices to the bone to attract shoppers, offered free shipping and invested heavily in new distribution centers.
The company is also building new data centers to expand its already strong web services businesses and is also expected to boost its Kindle brand of tablets with a set-top box for streaming video.
The company also boosted its payroll which now stands at 91,300 people compared to 65,600 a year ago.
Investors have bought in to the strategy of Amazon, sending its share price up 40 per cent compared to a year ago.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Hiring Fair for Veterans, Job Seekers
- Unemployment Rates Down, Job Gains Up in March
- Recordings Reveal a Not-So-Nice Martinez: Editorial
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party