Jeff Bezos Credits Indian Market for Amazon’s Massive Growth
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When Wall Street analysts were expecting sales of $35.3 billion for Amazon’s first quarter, the retail giant reported sales of $35.7 billion, a jump of 23 percent. Amazon’s Earnings Per Share (EPS) also surged to $1.48 from $1.07. Here too, the e-commerce giant surpassed analysts’ expectations of an EPS of $1.12. This strong earnings report helped Amazon to climb stock at $4.7 percent in just some hours with a spike in stock at around $960. Jeff Bezos, the CEO of Amazon believes that the massive growth in the Indian market has helped in gaining profitable quarterly profits.

This extended trading closed at a record breaking $918.76, CNBC reports. Amazon CEO Jeff Bezos pointed out India’s performance in the first quarter results. “Amazon.in is the most visited and the fastest growing marketplace in India”, says the Amazon founder.

amazon ceo jeff bezos with narendra modi

Amazon CEO, Jeff Bezos with Indian Prime Minister, Narendra Modi

Over the first quarter of 2016, Amazon’s international sales also climbed $1.5 billion and reached $11 billion. Moreover, Amazon claims that it is the most visited site in India, as per data from SimilarWeb and comScore. Additionally, according to the app analytics firm – App Annie, Amazon is the highest downloaded shopping app in the country.

Amazon has significantly announced about 18 new series for its Indian market, and added a Fire TV stick which can understand Hindi and English commands. Amazon founder, Bezos says that since Prime’s launch 9 months ago the team in India has increased Prime’s selection by a huge 75 percent.

Jeff Bezos a few billions away from becoming the Richest Man

amazon ceo jeff bezos

Amazon CEO, Jeff Bezos

Notably, Jeff Bezos saw his wealth surpass $80 billion. This happened for the first time as per the Bloomberg Billionaires Index. Bloomberg also reports that for becoming the richest person of the world, Jeff Bezos is less than $5 billion away.

Bezos aspires to gain the number 1 position in the Indian e-commerce market. The Amazon CEO believes that it is still Day-1 for e-commerce in the country. He also adds that the e-commerce giant will continue investing in infrastructure and technology in India.

Brian Olsavsky, who is the Chief Financial Officer of Amazon, says that India is certainly one of the most important investment areas. Moreover, he mentions that the team sees a lot of potential in the nation.

As far as Amazon’s international expansion goes, recently there were speculations that the company will purchase the Middle East e-commerce giant – Souq. Also, Amazon is already present in Brazil and Mexico.

This quarterly report marks the eighth consecutive profitable quarter for Amazon.

Author
Christy Gren is an Industry Specialist Reporter at Industry Leaders Magazine; she enjoys writing about Unicorns, Silicon Valley, Startups, and Business leaders and innovators. Her articles provide an insight about the Power Players in the field of Technology, Auto, Manufacturing, and F&B. Follow Christy Gren on Twitter, Facebook & Google.

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