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Amazon reports net income of $1.6 billion, vows to continue investing in India

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Amazon reported net income of $1.6 billion for the quarter ended March 31, 2017 (Q1 2018), more than double of the $724 million net income reported in the corresponding quarter last year. The company’s total revenues for the quarter stood at $51 billion, up 43% from $35.7 billion in Q1 2017. The company's operating income also nearly doubled to $1.92 billion this quarter from around $1 billion in Q1 2017. Driven by big investments in India the e-retail giant's global losses grew 29% to $622 million compared to $481 million in the March quarter of 2017. The number, however, was lower than the $900 million peak from the December quarter (Q4 2017). The company's international sales increased by 34.5% to $14.8 billion from $11 billion in the same period. Amazon will continue to invest in India Despite this, the company does not seem to be wavering in its plans in India, "We'll continue to invest in India where we're seeing great progress with both sellers and also customers. And we like the momentum we've seen there," CFO Brian Olsavsky said during the earnings call. "The Prime program started in the first year in India grew faster than any Prime program we've seen in other countries. We're adding local content in India, video content. We're also adding other Prime benefits. We're rolling out devices there, and we're seeing Indian developers developing skills for Alexa," In his letter to shareholders last week, Jeff Bezos highlighted India as a 'milestone', stating that Amazon.in…

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Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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