Amazon surprises market with $290 million quarterly profit

NEW YORK (AFP) - Amazon surprised the market Thursday with a quarterly profit far better than anticipated for the online giant known for investing for the long term.

Amazon posted earnings of US$214 million (S$290 million) in the fourth quarter as sales jumped 15 per cent to US$29.3 billion, swinging to profit after two consecutive losing quarters.

Shares in Amazon rose 7 per cent in after-hours trading.