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Amazon reports modest quarterly profits

Amazon made a net profit of $214m (£142m) in the three months to December 31, down from $239m (£158m) during the same period in 2013.

However, this was an improvement on the previous quarter, in which Amazon made a net loss of $437m (£290m).

The etailer’s sales rose 15% to $29.3bn (£19.4bn). Adjusted for currency exchange rates, net sales increased 18% in the fourth quarter.

During the period, Amazon announced it will open a 46,000 sq ft (4,274 sq m) photography studio in Shoreditch, east London, in summer 2015 to support its growing European fashion business.

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