Amazon's net profit shot up exponentially to $857 million for the quarter ended June 2016 (Q2 2016). The company had reported a net profit of $92 million in the same quarter last year, a jump of more than 800%. Net sales increased 31% to $30.4 billion in the second quarter, compared with $23.2 billion in the same quarter last year. The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on net sales was $166 million. CEO Jeff Bezos continued to be upbeat about India following the launch of Amazon Prime in the country. “It’s been a busy few months for Amazon around the world, and particularly in India — where we launched a new AWS Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Original Series and Movies — including original content featuring top Indian creators and talent," Bezos said in a statement. Here are some takeaways from the results: Doubling down on video Amazon will be doubling its content spend in the second half of the year versus the second half of 2015, CFO Brian Olsavsky told in an analyst call. It was reported that Amazon was investing $300 million for video in India. Huffington Post reported that directors Vishal Bhardwaj and Vidhu Vinod Chopra have been brought in to create TV shows for Prime Video which is expected to launch in November. Last year, it invested $100 million for producing original TV shows. Why Amazon has…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...