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Amazon doubles profits but international losses widen

Ecommerce behemoth Amazon has announced soaring revenue and profits for the first quarter of 2018, as its online dominance continues to grow.

Profits for the first three months of 2018 doubled to $1.6bn (£1.15bn), and revenue reached $51bn (£36.61bn) for the quarter, up from $37.7bn (£27.1bn) last year, an earnings call reported by The Guardian shows.

Each day, Amazon made more than $550m (£394.8m) in revenue from a combination of sales on, web hosting, TV production and sales from the US grocery chain Whole Foods.

While the retailer did not break down divisional profits for overall Amazon sales or sales from its fashion offer, it noted the strong growth of its cloud computing business, Amazon Web Services.

Sales rose to $14.8bn (£10.64bn) at Amazon’s international business – which includes the UK market – but losses widened to $622m (£447m) compared with $481m (£345.7m) last year.

Amazon is the second most valuable company in the world, after computing giant Apple, and is worth an estimated $723bn (£518.97bn).

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