Amazon, founded by Jeff Bezos, announced a Prime membership price increase due to 'expanded' online shopping and Prime Video benefits.
SEATTLE -- Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States, the company announced along with its earnings report Thursday. The price of a monthly subscription will also increase from $12.99 to $14.
The company last raised prices for Prime in 2018, when it bumped the annual membership up from $99. The latest price hike represents a 17% increase.The change will go into effect on February 18 for new Prime members and after March 25 for existing members. The Prime price hike wasn't the only major news in the report. The company's profits also doubled during the December-end quarter, to $14.3 billion, blowing past Wall Street analyst expectations. The huge jump in profit was due largely to the company's accounting for its investment in electric vehicle company Rivian Automotive, which had a massive IPO in November.
And while the company posted operating losses in both its North America and international e-commerce business, its biggest profit driver, Amazon Web Services, reported a nearly 49% increase in operating income, to $5.3 billion. AWS also added more revenue year-over-year than in any other quarter in its history, Amazon CFO Brian Olsavsky said on a call with analysts Thursday.
Overall sales from the quarter were up more than 9% from the year-ago quarter, to $137.4 billion, just shy of the $137.6 billion analysts had forecast.Despite the positive initial investor reaction, some analysts noted that Amazon faces an uphill battle in the coming quarters, as it combats rising costs and laps a period in which people may have been more reliant on online shopping before Covid-19 vaccines were widely available.
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Amazon is raising the price of annual Prime memberships to $139Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States, the company announced along with its earnings report Thursday. The price of a monthly subscription will also increase from $12.99 to $14.99.
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