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Amazon posts surprise return to profit

Amazon reported a 173% surge in net profits to $92m (£59m) for the three months to June 30 as sales also beat analysts’ predictions.

The etailer made a $126m (£81m) loss for the same period in 2014, and a loss of $57m (£36.7m) in the first quarter of the year. Analysts had predicted Amazon would still make a loss for the second quarter.

Last night it announced that during the period sales rose by 20% to $23.2bn (£15bn), rather than the expected 16% increase.

The business has now overtaken Walmart, which owns Asda, to become the biggest US retailer in terms of market value.

Sales in the US rose 25.5% to $13.8bn (£8.9bn) in the second quarter, driven by purchases of electronic goods and general merchandise. A break down for the UK was not provided.

Amazon has said it expects to grow sales by between 13% and 24% year on year for the three months to September 30.

Jeff Bezos, founder and chief executive of Amazon, said: “The teams at Amazon have been working hard for customers.”

The etailer also announced that actress and model Suki Waterhouse will be the face for its fashion arm as the business unveiled its new photography studio in London’s Shoreditch last night (July 23). The studio, which is almost an acre in size, is one of the largest photography studios in Europe and will produce half a million photographs a year for Amazon’s websites across Europe.

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