Amazon shares soar after strong profit

Amazon.com shares hit a record after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.

The world’s largest Internet retailer said that its cloud computing services, video content sales and its aggressive expansion in e-books helped increase profitability.

In addition, a growing network of warehouses or fulfilment centres closer to customers held down shipping costs as it vied with Wal-Mart Stores and other major retailers for consumer dollars over the holidays.

via Business feed http://www.scmp.com/business/companies/article/1139155/amazon-shares-soar-after-strong-profit